LVMH CEO and the world’s richest man Bernard Arnault has promoted his son Frédéric to Managing Director of family holding company Financière Agache.
The 29-year-old replaces Nicolas Bazire at the helm of the company, which controls 42% of the French luxury goods conglomerate through holding company Christian Dior.
Frédéric – the fourth eldest of Arnault’s five children – is currently CEO and chair of LVMH’s watches division.
He also joined LVMH’s board in April of this year, alongside his brother Alexandre.
All five of Arnault’s children currently hold executive positions within the LVMH roster.
The French billionaire appointed his daughter Delphine as CEO of Christian Dior last year, as part of a wider management reshuffle across the luxury empire.
Stéphane Rinderknech was also promoted to CEO and chair of LVMH’s beauty division, overseeing its cosmetics and perfume business including Dior, Guerlain (pictured) and Kendo.
Luxury beauty businesses Parfums Christian Dior and Guerlain also received new CEOs, now helmed by Veronique Courtois and Gabrielle Saint-Genis Rodriguez respectively.
The appointments come as LVMH seeks to strengthen its position in the luxury beauty sector, amid competition from rivals such as Kering.
Despite reporting “remarkable growth” for beauty retailer Sephora, the conglomerate saw revenue dip by 2% in Q1 2024.
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