Antoine Arnault, eldest son of French billionaire Bernard Arnault, has been appointed chief executive of the Christian Dior SE holding company, which controls the world’s number one luxury brand Louis Vuitton-Moët Hennessy (LVMH), replacing Sidney Toledano, according to a published statement. Friday, December 9.
Antoine Arnault, 45, was also appointed vice-chairman of the holding company’s board of directors. A choice that is part of the strategy “intended to ensure the long-term sustainability of family control over Christian Dior SE and LVMH Moët Hennessy – Louis Vuitton SE”the statement said.
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 (OPA).
Antoine Arnault retains, moreover, all of his operational functions in the LVMH Group (DG Berluti, President Loro Piana, Director of Image and the Environment of the LVMH Group, administrator of LVMH), confirmed a spokesperson. to Agence France-Presse without giving further details.
Former Dior boss 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 Dio SE thank him for his “great professionalism”.