LVMH Moët Hennessy Louis Vuitton has announced that Christian Dior CEO Sidney Toledano will take over as executive chairman of LVMH Fashion Group, his Dior post to be filled by Pietro Beccari from Fendi.
Toledano will succeed Pierre-Yves Roussel, who held the title of chairman and CEO of LVMH Fashion Group. Roussel will remain with the group as a special advisor to LVMH chairman and CEO Bernard Arnault, and will take on new operational responsibilities with the LVMH executive committee, said the group in a press release.
“The appointment of Pietro Beccari as head of Christian Dior Couture signals a new era,” Arnault said in the statement. “He will be an excellent leader who will steer Dior towards ever greater success in the future.”
Speaking of Toledano, Arnault said: “Sidney Toledano is the driving force behind the huge success of Christian Dior Couture across the world. Over the past 25 years, he has done an outstanding job of developing the exceptional house of Christian Dior Couture and of promoting its elegance and modernity through its highly talented team of designers. I want to offer my profound gratitude and am delighted that we will continue to work together and benefit from his expertise.”
The appointments are effective from the beginning of 2018.
Sidney Toledano joined Dior in 1994, and is responsible for the launch of the Lady Dior handbag. He was promoted to CEO in 1998, and under his helm, the house has witnessed a tenfold increase in revenues.
The reshuffle nips at the heels of LVMH’s 6.5-billion-euro acquisition of Christian Dior Couture in July. The move reunited Dior’s fashion and fragrance business under one roof, and Dior is now the second-largest brand in the group’s fashion division, behind Louis Vuitton.