The wealth stays in the family: the richest man in the world appointed his daughter as housing manager
All five brothers hold a senior position in one of the 75 prestigious companies under the LVMH corporation, headed by the French Bernard Arnaud, who recently surpassed Elon Musk in the wealth index
The 47-year-old Frenchwoman Delphine Arnault has been promoted to manage the fashion company Christian Dior, headed by her father Bernard Arnaud – the richest man in the world.
Arno worked at the company for 22 years, and was the company’s deputy director between 2001 and 2013. She recently served as senior vice president of the Louis Vuitton company.
She joins her four brothers, so that each of them works at the head of one of the companies or divisions of the LVMH corporation, under which there are about 75 of the most prestigious companies in the world. Frederic is CEO of Tag Heuer, and Alexander, only 30 years old, was appointed senior vice president of Tiffany & Co. in 2021.
Antoine, Arnaud’s eldest son, will head the Dior holding company, which owns 41.36% of LVHM shares.
Meanwhile, Pietro Baccari, who headed Dior since 2018, was named the new boss of Louis Vuitton in place of the long-time CEO, Michael Burke, 65. But don’t worry, he will continue to work alongside the richest man in the world, in a role that has not yet been announced.
The latest changes at the top of luxury raised the shares of LVMH, the most valuable company in Europe at about 480 billion dollars, by two percent and reached new highs. Shares of luxury companies have recently started to strengthen due to the easing of the corona restrictions in China, which is a key market.
Baccari, who previously also led the Fendi brand, tripled Christian Dior’s sales to 6.6 billion euros. However, LVMH does not provide a breakdown of the annual sales of its brands.
73-year-old Bernard Arnaud has shown no signs that he plans to retire soon – otherwise the company raised the CEO’s maximum age from 75 to 80 last year.
And only in the last few weeks, Arno, who is usually in the shadows, took the prestigious title of the richest man in the world – handily surpassing the CEO of Tesla, SpaceX and Twitter, Elon Musk.
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