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LVMH Moët Hennessy Louis Vuitton, or simply LVMH, has expanded its board by adding two members. They were revealed to be the sons of Bernard Arnault, the French billionaire who also owns the company. By adding his heirs to the board, it is clear that the richest man in the world is tightening the family’s grip on their luxury goods empire.
LVMH announced the appointment of Frederic and Alexandre Arnault to the board during the recent annual general meeting, which was held on Thursday, April 18, at the Carrousel du Louvre in Paris, France. Their addition to the executive committee strengthened their control over the French luxury company.
Shareholders’ Overwhelming Approval
Bernard’s two sons, who are 19 and 31 years old, respectively, officially joined the other family members on the board. As per Vogue Business, these appointments added new administrative roles to their current managerial positions. Frederic has been managing LVMH Watches as chief executive since January of this year, while Alexandre is the executive vice president of Tiffany’s product and communications unit.
Frederic and Alexandre’s presence undoubtedly increased the Arnault family’s representation on the company’s board. In any case, the shareholders were said to have predominantly approved the brothers’ nominations, where they received about 93% of the votes each.
Family Business Affair
The Guardian reported that Bernard’s two other children, Delphine and Antoine, are already part of the board. Currently, only Jean Arnault, the youngest child, has no seat on the committee.
“The role of the family helps to create this family spirit and enables us to take a long-term view,” the LVMH chief executive officer told reporters shortly after the conclusion of the firm’s annual general meeting.
CEO Bernard added, “Today, the share price is doing well but what interests us is ensuring that in 10 years’ time, our brands will still be as desirable or even more so than they are now and that is our objective, not the share price tomorrow morning. Our main indicator is the desirability of the brands in the long term, and I think that family continuity has the advantage of a long-term vision.”
Photo by: Christian Wiediger/Unsplash
