Jan 11 (Reuters) – LVMH Chairman and CEO Bernard Arnault has reshuffled the top leadership of the French luxury goods empire and solidified family control of the conglomerate by appointing his daughter, Delphine, to head Christian Dior, one of its flagship brands.
Pietro Beccari, who has led Dior since 2018, will replace 65-year-old Michael Burke, who was considered the most dedicated of Arnault’s employees, as CEO of Louis Vuitton.
Shares of LVMH, Europe’s most valuable company worth about 380 billion euros ($408 billion), rose 2% on the Paris Stock Exchange by 16.53 Moscow time, hitting an all-time high.
Delphine Arnault, 47, has worked at Louis Vuitton for the past ten years with Burke and before that at Dior.
Burke, who previously ran the giant’s jewelry division, Tiffany, will continue to work alongside Arno Sr., the company said in a statement, without detailing his new role.
Arno, 73, has no intention of leaving his post anytime soon; Last year LVMH raised the maximum CEO age to 80 from 75.
(Sudip Kar-Gupta and Mimosa Spencer, translated by Tomasz Kanik)