By Joshua Kirby
A son of LVMH Moet Hennessy Louis Vuitton SE's boss Bernard Arnault is set to take the reins at holding company Christian Dior SE, the largest shareholder in the French luxury-goods giant.
Antoine Arnault, currently chief executive at LVMH mens' footwear brand Berluti, will take over at Christian Dior SE from Sidney Toledano, who is stepping down, the holding company said. Mr. Toledano was previously head of Christian Dior Couture, LVMH's second-largest fashion house.
Christian Dior SE holds some 41% of LVMH's share capital and 56% of the voting rights, making it by far the largest single shareholder in the Paris-listed company. Christian Dior SE is in turn owned almost entirely by the Arnault family.
The decision to appoint Antoine Arnault to the CEO's seat will permit the continued control of the Arnault family over both LVMH and Christian Dior SE, the holding company said.
The move cements LVMH's strategy of placing founder and CEO Bernard Arnault's five children in senior positions in the group. Antoine Arnault's sister Delphine is also on the board of Christian Dior SE, as well as serving as executive vice-president at mainstay fashion house Louis Vuitton, while Alexandre Arnault holds the same role at jeweler Tiffany. Frederic and Jean Arnault meanwhile serve in executive positions at the group's watchmakers.
Write to Joshua Kirby at firstname.lastname@example.org; @joshualeokirby
(END) Dow Jones Newswires
December 09, 2022 04:12 ET (09:12 GMT)Copyright (c) 2022 Dow Jones & Company, Inc.