The two sons of Bernard Arnault, the world’s richest man, have been appointed to the board of LVMH following a shareholder vote. This move solidifies the family’s control over the French luxury goods company. With the addition of the two sons, four of Bernard Arnault’s five children now hold positions on the board of directors of LVMH. The company is home to iconic brands such as Dior and Louis Vuitton.
Alexandre, 31, serves as the executive vice-president of Tiffany, while his younger brother Frédéric, 29, is the CEO of Tag Heuer, a Swiss luxury watchmaker. The Arnault family is currently ranked as the world’s richest by Forbes magazine with a fortune of $214 billion, surpassing other billionaires like Jeff Bezos and Elon Musk.
The shareholder meeting saw both sons receive over 93% of the votes, reflecting the family’s strong hold over the company. Bernard Arnault, with his majority ownership, acknowledged this power and the family’s position within LVMH. The Arnault family group holds a significant portion of the company’s capital and voting rights, ensuring their influence over LVMH’s decisions.
In addition to the Arnault siblings, two other children from a previous marriage, Delphine and Antoine, are already board members at LVMH. The youngest sibling, Jean, still awaits his turn but has ample time to join the board in the future. LVMH has also nominated Wei Sun Christianson to succeed Antonio Belloni as the group’s number two. Christianson, a business expert on China from Morgan Stanley, highlights the company’s keen interest in the Chinese market. Bernard Arnault emphasized the importance of understanding China’s market dynamics due to LVMH’s significant presence in the country.