The eldest son of French billionaire Bernard Arnault, Antoine Arnault, has been appointed chief executive of the Christian Dior SE holding company, which controls the world’s number one luxury brand LVMH, in a new step aimed at strengthening family control over the group. Antoine Arnault, 45, has also been appointed vice-chairman of the board of directors of the holding company and replaces Sidney Toledano in these two functions, specifies Christian Dior SE in a press release published on Friday.
Organize the succession of Bernard Arnault
“This choice is part of the transformation of the Agache company into a partnership limited by shares which took place on December 6 and is intended to ensure the long-term sustainability of family control over the companies Christian Dior SE and LVMH Moët Hennessy – Louis Vuitton SE”, is it specified in the text. The transformation of Agache, the family holding company which oversees Christian Dior SE, into a limited partnership, was announced last July, as part of Bernard Arnault’s strategy to organize his succession.
Agache was to remain wholly owned by the Arnault family, henceforth as sponsor. Sponsorship is recognized for its characteristics that facilitate transmission within a family business. It makes it possible to dissociate management and ownership of capital and also constitutes a deterrent weapon against hostile takeover bids.
Antoine Arnault retains his functions in the LVMH group
Antoine Arnault also retains all of his operational functions in the LVMH group (CEO Berluti, President Loro Piana, Image and Environment Director of the LVMH Group, Director of LVMH), confirmed a spokesperson at the ‘AFP without giving further details.
The former boss of Dior, Sidney Toledano, 71, had “announced his wish to leave the general management” of the holding company, according to the press release, in which Bernard Arnault and the board of directors of Christian Dior SE thank him for his “great professionalism”.
Source: Europe1
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