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Antoine Arnault, overseeing Image and Environment for LVMH, attends a joint press conference after a visit at the headquarters of the charity food distribution Association “Les Restos Du Coeur” (Restaurants of the Heart) in Paris, after the French luxury group LVMH said on Monday it would contribute to the association and pledged… Acquire Licensing Rights
PARIS, Nov 22 (Reuters) – Antoine Arnault, one of the five children of LVMH boss Bernard Arnault, will step back from the day-to-day management of upscale menswear label Berluti in January, the company said on Wednesday, spurring speculation about his next role in the luxury goods group.
Arnault’s five children all hold important positions in LVMH (LVMH.PA), and they are closely eyed for any signs that one could become the favourite to succeed the 74-year old CEO, who has not indicated he plans to step down any time soon.
Antoine Arnault, 46, is also in charge of image and environment at LVMH, and credited with negotiating a high-profile deal for the company to sponsor next summer’s Paris Olympic Games. He will remain chairman of Berluti, which he has managed since 2012, as well as another LVMH fashion brand Loro Piana.
“From its heritage as a shoe specialist, Berluti has come a long way to become a full-fledged Maison for men,” said Toni Belloni, LVMH group managing director, citing “remarkable” revenue and profit growth at the label.
The group does not break out financial figures for individual brands.
Berluti will design the summer Olympics and Paralympics opening ceremony uniforms for the French teams, raising the profile of the upscale menswear label known for buffed leather shoes and tailored suits.
Jean-Marc Mansvelt, CEO of historic jewellery label Chaumet, will become CEO of Berluti, while Charles Leung, CEO of jewellery label Fred, will become CEO of Chaumet. The group will seek a successor for Leung, who recently created buzz by introducing high-end jewellery featuring lab-created diamonds.
Antoine Arnault has the most public profile of Bernard Arnault’s five children, but the others are stepping more into the public eye as they move up the LVHM’s leadership ranks, including his older sister Delphine Arnault, who became CEO of the group’s second-biggest fashion label Dior in February.
Reporting by Mimosa Spencer; editing by Jason Neely and Jane Merriman
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