LVMH’s Frederic Arnault named to lead family holding group
He replaces Nicolas Bazire, who is appealing a conviction over kickbacks
Paris — Frederic Arnault, one of LVMH chair and CEO Bernard Arnault’s five children and heirs, has been named MD of the family holding company Financiere Agache, adding to his roles in the sprawling luxury empire.
Frederic Arnault, 29, who is chair and CEO of LVMH watches, replaces Nicolas Bazire, and will also serve on the board of the holding company as a representative of Agache, the family company that controls it, the company website showed.
The appointment was confirmed by a company spokesperson on Wednesday.
On Monday, a court began hearing an appeal by Bazire and others convicted of participating in a kickback system that allowed the secret financing of Edouard Balladur's 1995 French presidential campaign.
Management roles
All five of the LVMH chair’s children hold top management roles in the luxury group, the world's largest, with labels Louis Vuitton and Dior.
Frederic Arnault and his older brother Alexandre, 32, were approved in April to join the LVMH board, whose members also include siblings Antoine, 47, and Delphine, 49.
Bernard Arnault, 75, recently reshuffled the top ranks of management at LVMH, but has shown no signs of stepping back, saying in January that he did not intend to leave in the near or medium term.
The group raised the age limit for his role to 80 two years ago.
Financiere Agache owns 96% of family holding company Christian Dior, which holds 42% of LVMH.
Reuters