Bernard Arnault, the world’s richest person and head of luxury behemoth LVMH is facing a dilemma of appointing his successor from amongst his children to take over the richest company in Europe.
The French luxury house run by Bernard Arnault is facing a real-life ‘Succession’ drama playing out among his children. Comparisons are often drawn between the 13 Emmy-winning shows and the Murdoch family. Like Rupert Murdoch’s News Corp, Waystar Royco is a media conglomerate with a trio of adult children competing to be named heir.
There’s still plenty of rivalry between the progeny of Bernard Arnault, CEO of luxury goods behemoth LVMH, and the world’s richest person. Arnault had created a “Darwinian contest” among his kids, much like the battle within the Roy family.
All five Arnault kids are embedded in LVMH. Arnault hosts a monthly 90-minute lunch with his five children, whose ages range from 24 to 48, to drill them on company strategy and ask them for advice.
Arnault is reputationally ruthless in his business dealings, earning him the nickname the “wolf in cashmere. In 1984 he took over Bussac, the company which then owned Dior. Arnault gained another sobriquet, “the Terminator,” after laying off 9,000 workers in two years and getting rid of every asset but the fashion house.
His children at one time or another took some bold decisions for the company. Kendall passionately led the purchase of the news website Vaulter before being forced to fire its entire staff at his father’s behest in season two. Alexandre Arnault, 30, managed to similarly persuade Bernard to take an 80 percent stake in German luggage brand Rimowa in 2016 – though he more successfully remained CEO for four years. He’s now an executive vice president of LVMH-owned Tiffany & Co.
45-year-old Antoine looked set to take the reins last December when he was appointed CEO of Christian Dior SE, which controls the majority of LVMH. Less than a month later, Bernard named his only daughter, Delphine, as CEO of Christian Dior Couture.
The LVMH empire is set up so that each of Bernard’s five children has an equal stake in a holding company set up to end the tycoon’s leadership. It has a rotating two-year chairmanship among the children, who can’t sell for 30 years without unanimous approval, per the Journal.
But it’s unclear when he’ll step down since LVMH raised the age limit of its CEO from 75 to 80.
The successor of Bernard Arnault’s LVMH still not named
