Louis Vuitton Moet Hennessey (LVMH) is a family business and intends to stay that way, at least for a long time. Ownership of the conglomerate, which controls luxury brand Louis Vuitton and Dior, among many others, is being restructured to assure that the children of CEO Bernard Arnault are positioned to take over the company. All five of his progeny work for LVMH.
Image credit: Louis Vuitton
Louis Vuitton Moet Hennessey (LVMH) is a family business and intends to stay that way, at least for a long time. Ownership of the conglomerate, which controls luxury brand Louis Vuitton and Dior, among many others, is being restructured to assure that the children of CEO Bernard Arnault are positioned to take over the company. All five of his progeny work for LVMH.
Specifically, Arnault’s main holding company, Financière Agache, will convert to a limited joint-stock partnership, with Arnault serving as the first and sole managing general partner. Agache Commandité SAS will control the holding company and be owned equally by the Arnault children.
As quoted in wwd.com, Arnault maintains:
LVMH, a family-owned group, works to ensure the long-term development of each of its maisons while preserving their unique characters and their strengths. In this respect, the conversion of Agache into a limited joint-stock partnership (société en commandite par actions) announced today, which does not change its current shareholding, will ensure that its control over the LVMH group will be maintained over the long term.
Additionally, LVMH raised its mandatory retirement age for the Chief Executive from 75 to 80. Arnault presently is 73.
Read more:
https://www.reuters.com/business/retail-consumer/lvmhs-bernard-arnault-restructures-holding-long-term-family-
- Maura Carlin posted 2 years ago
- last edited 2 years ago
