Christian Dior SE, the family holding company with a majority stake in LVMH group, announced on December 9 the appointment of Antoine Arnault to the role of Chief Executive Officer and Vice-Chairman of the Board of Directors, to replace departing CEO, Sidney Toledano.
Arnault, scion of French billionaire Bernard Arnault, comes to role following a change in the legal structure of the family’s investment to ensure its control of LVMH, with holding company Agache, which owns shares in Christian Dior SE, becoming a joint-stock partnership, according to a press release.
“This choice was made in the context of the conversion of Agache SE into a limited joint-stock partnership, which occurred on Dec. 6, and will permit the long-term family control over Christian Dior SE and LVMH Moët Hennessy – Louis Vuitton SE to be perpetuated,” the statement said.
“We warmly thank Sidney Toledano for the utmost professionalism he has always demonstrated while serving this mandate of trust.”
At LVMH, Antoine Arnault, a business school graduate, and a board member since 2006, currently oversees the group’s communications and environmental issues, as well as heading up Berluti, playing the role of chairman of Italian label Loro Piana.
Christian Dior was absorbed into the LVMH group in 2017. Christian Dior SE now holds 41 percent of LVMH, corresponding to 56 percent of the voting rights in the group.
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The Christian Dior news follows the announcement last week that Italian fashion group Prada has named former Luxottica chief Andrea Guerra as CEO as part of a succession strategy commencing 2023.