LVMH has chosen an eventual successor to its long-time chief monetary officer as billionaire Bernard Arnault prepares a brand new era of leaders to steer the world’s greatest luxurious group.
The mother or father firm of Louis Vuitton appointed Cecile Cabanis as deputy finance director, reporting to CFO Jean-Jacques Guiony. A former CFO of French yoghurt maker Danone SA, Cabanis is at the moment deputy chief government officer of Tikehau Capital.
Cabanis, who begins on Monday, will be part of the chief committee, turning into the third girl on the physique alongside Delphine Arnault, the eldest little one of the billionaire CEO, and Chantal Gaemperle, 61, who’s accountable for human sources.
The appointment of Cabanis is a part of a wider administration shake-up. Arnault, 75, obtained a brand new deputy when Stephane Bianchi took over that position from Antonio Belloni after April’s annual normal assembly.
The query of succession is of rising curiosity to observers of the world’s largest purveyor of high-end items. Arnault’s 5 kids all maintain key roles inside the group, and 4 have been named to the corporate’s board. In addition they have oversight and administration duties at household holding automobiles.
This week, the world’s wealthiest individual named his son Frederic Arnault, 29, as managing director of Financiere Agache, one of many holding firms via which the household controls its stake in LVMH Moët Hennessy Louis Vuitton SE.
Bernard Arnault, with a fortune of about $215 billion, in keeping with the Bloomberg Billionaires Index, has stated he has no plans to retire. The household holds virtually half of LVMH’s share capital, with about 64 % of the voting rights.
Throughout his 20 years as CFO, Guiony has helped oversee acquisitions together with Tiffany & Co. — the largest thus far within the luxurious trade — Bulgari, Loro Piana and Belmond. When Guiony joined from the funding financial institution Lazard Freres in September 2003, initially as deputy CFO, the market capitalisation of LVMH was about €26 billion ($28 billion). It’s now €381 billion, making the Paris-based group Europe’s third-biggest firm by market worth.
Arnault and Guiony additionally confronted some M&A defeats, notably when an tried takeover in 2010 of Hermes Worldwide SCA failed. Guiony will get new, as-yet-undisclosed tasks at LVMH in the end, the corporate stated.
Throughout Guiony’s tenure, the corporate has capitalised on booming world demand for luxurious items, particularly in China. Extra lately, gross sales have slowed in that key market, however LVMH has been extra resilient than rivals equivalent to Gucci proprietor Kering SA.
By Angelina Rascouet
Study extra:
With Succession in Focus, LVMH Provides Alexandre and Frédéric Arnault to Board
At its annual assembly Thursday, LVMH shareholders accepted the posh conglomerate’s proposal so as to add two extra of chairman Bernard Arnault’s kids to its board of administrators.
Disclosure: LVMH is a part of a bunch of traders who, collectively, maintain a minority curiosity in The Enterprise of Vogue. All traders have signed shareholders’ documentation guaranteeing BoF’s full editorial independence.
