The richest man in the world, Bernard Arnault, has appointed Delphine Arnault to lead the fashion house, Dior. As part of a reorganization at LVMH, Chairman and CEO Arnault promoted his daughter. He also appointed a new Louis Vuitton executive.
Michael Burke, the longtime CEO of Louis Vuitton, will be replaced by Pietro Beccari, the head of Dior since 2018.
According to Credit Suisse analyst Natasha Brilliant, Delphine and Pietro are both well-respected; their promotions within the group make sense. Delphine had worked with Burke for ten years at Louis Vuitton and for a dozen years at Dior. Beccari previously served as the head of the LVMH-owned brand Fendi and drastically raised sales at Christian Dior.
Burke, who has served as Tiffany's chairman and is Bernard's longest-serving assistant, will continue to work with Bernard, the company announced in a statement. But no specifics were given about his new position. He supervised LV's explosive expansion and was a major force in the recent transition from street style to luxury.
The group's brands employ all five of Bernard Arnault's children in management roles. The family-holding company Christian Dior SE has nominated his eldest son, Antoine Arnault, as CEO.
All the changes with the head of Louis Vuitton and Dior were reported to take effect in February.
(Source - BBC)