Succession plans at luxurious large LVMH are seldom mentioned throughout the controlling Arnault household, in line with remarks by CEO Bernard Arnault’s spouse revealed in France’s Liberation newspaper on Thursday.
In company Europe, questions have lengthy swirled round who will succeed France’s wealthiest man Arnault, 76, who can be chairman of LVMH and, alongside along with his household, a controlling shareholder.
“It’s a topic that the two of us almost never discuss,” his spouse Helene Mercier instructed the newspaper in uncommon remarks for an article about one among Arnault’s 5 youngsters, Antoine.
“It’s entirely up to him,” she stated.
LVMH didn’t instantly reply to a request for remark.
The group, which is value some €312 billion ($364.32 billion), owns manufacturers together with Louis Vuitton, Bulgari, Tiffany and Dom Perignon champagne.
In April, LVMH shareholders overwhelmingly authorised a change to firm bylaws that raised the utmost age of its chairman and chief govt to 85 from 80.
While Arnault’s age isn’t an issue for buyers, lack of readability about who would take over from him has turn out to be a priority, some LVMH buyers just lately instructed Reuters.
All of Arnault’s youngsters maintain high administration positions within the group. The eldest, Delphine, 50, and Antoine, 48, are youngsters from his first marriage, whereas Alexandre, 33, Frederic, 30 and Jean, 27, are his youngsters with Helene.
Mercier downplayed options of pressure throughout the household, the place Arnault’s 5 youngsters are a relentless subject of tabloid gossip and hypothesis in France.
“We are a blended family, but we are united and we love each other. There is no open conflict,” she stated.
By Inti Landauro; Editors: Adam Jourdan and Bernadette Baum
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