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Arnault appeared in ebullient mood at the meeting – Copyright AFP Mandel NGAN<\/small><\/em><\/p>\nKatell PRIGENT<\/em><\/p>\nTwo sons of the world\u2019s richest man Bernard Arnault on Thursday joined the board of LVMH after a shareholder vote, further cementing the family\u2019s control on the French luxury goods giant.<\/p>\n
The pair joined their elder siblings on the board of directors of the company, which houses brands such as Dior and Louis Vuitton, meaning four of Bernard Arnault\u2019s five children now sit on the board.<\/p>\n
Alexandre, 31, is the executive vice president of Tiffany, while Frederic, 29, is the CEO of Swiss luxury watchmaker Tag Heuer.<\/p>\n
The Forbes magazine currently lists Bernard Arnault, and his family, as the world\u2019s richest person with a fortune of $214 billion, ahead of Amazon founder Jeff Bezos and Elon Musk who heads Tesla and X.<\/p>\n
Each son got more than 93 percent at the shareholder meeting, with the results coming as no surprise.<\/p>\n
The Arnault family group holds 48.6 percent of LVMH\u2019s capital and 64.3 percent of the votes, a fact Arnault acknowledged shortly ahead of the proceedings.\u00a0<\/p>\n
\u201cI\u2019ve got the majority of votes, so\u2026\u201d, he said.<\/p>\n
Two other children from a previous marriage, Delphine, 49, and Antoine, 46, are already board members, but the youngest sibling, Jean, 26, still has to wait his turn.\u00a0<\/p>\n
\u201cHe has time, he\u2019s young\u201d, said the 75-year-old founder.<\/p>\n
LVMH also nominated Wei Sun Christianson to succeed Toni Belloni, the group\u2019s number two, who announced his departure at the end of March.<\/p>\n
Christianson, who joins from American investment bank Morgan Stanley, is \u201ca great expert on business in China\u201d, said Arnault, stressing the value of the country\u2019s market.<\/p>\n
\u201cThe group has a strong presence in China, so it\u2019s important to have precise views on what\u2019s happening,\u201d he added.<\/p>\n
LVMH announced on Wednesday sales of 20.7 billion euros ($22 billion)\u00a0for 2024\u2019s first quarter, slightly under industry expectations, in part, due to a slowdown in Chinese consumption.<\/p>\n
\u201cI hope that economic tensions will ease and that we can continue a sustained economic collaboration with China,\u201d said Arnault.<\/p>\n
The group also announced the launch of an employee shareholding plan \u201cby the end of the year\u201d.<\/p>\n
\u201cEverything is complicated in France, but I think we\u2019ll get there,\u201d Arnault said.<\/p>\n<\/p><\/div>\n
Family affair: Two more Arnault sons join LVMH board
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#Family #affair #Arnault #sons #join #LVMH #board<\/p>\n","protected":false},"excerpt":{"rendered":"
Arnault appeared in ebullient mood at the meeting – Copyright AFP Mandel NGAN Katell PRIGENT…<\/p>\n","protected":false},"author":1,"featured_media":4255,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[7],"tags":[2583,2584,2587,2582,2585,2586,1287],"yoast_head":"\n
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