Succession plans at luxury giant LVMH are rarely discussed within the Arnault family, which controls the group, according to statements by the wife of CEO Bernard Arnault published this Thursday in the French newspaper Libération.
In the European corporate arena, questions have been circulating for years about who will succeed France’s richest man, Arnault, 76, who is also president of LVMH and, along with his family, a majority shareholder.
“It’s a topic we almost never talk about among ourselves,” said his wife, Hélène Mercier, in rare remarks for an article focused on one of Arnault’s five children, Antoine.
“It totally depends on him,” he added.
LVMH did not immediately respond to a request for comment.
The group, valued at about 312 billion euros ($364.32 billion), owns brands such as Louis Vuitton, Bulgari, Tiffany and Dom Pérignon champagne.
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In April, LVMH shareholders overwhelmingly approved an amendment to the company’s statutes to raise the maximum age allowed for the president and CEO from 80 to 85.
Although Arnault’s age is not a problem for investors, the lack of clarity over who will replace him has become a cause for concern, some LVMH shareholders recently told Reuters.
All of Arnault’s children hold senior management positions within the group. The eldest, Delphine (50) and Antoine (48), are the result of his first marriage, while Alexandre (33), Frédéric (30) and Jean (27) are his children with Hélène.
Mercier downplayed reports of tensions within the family, whose five children are often the subject of the tabloid press and speculation in France.
“We are a blended family, but we are united and we love each other. There is no open conflict,” he said.
With information from Reuters.
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