LVMH announced multiple changes in its leadership structure on Monday, in which Bernard Arnault’s son, Antoine Arnault, was appointed to the executive committee, as per an official announcement.
Antoine Arnault is 48 years old.
The update comes after LVMH posted its full year earnings, showing annual revenues of $80.8 billion euros.
Antoine Arnault is one of Bernard Arnault’s five children, all of whom have leadership positions within the company. His addition to the executive committee places him alongside his sibling, Delphine Arnault, who is the CEO of Christian Dior Couture.
The other change was the appointment of Veronique Courtois to head LVMH’s beauty division as Chairman and CEO.
This is the company’s first notable appointment of the year for one of LVMH’s six core divisions, after Pietro Beccari was made CEO of LVMH’s fashion division.
She replaces Stephane Rinderknech. Prior to her appointment, Courtois was known as the head of Parfums Christian Dior, a role she will still be holding onto. She also joins the executive committee.
LVMH’s beauty segment manages brands such as Parfums Christian Dior, Guerlain, Parfums Givenchy, Rihanna’s Fenty Beauty, and Loewe Parfums.
“I am very pleased to welcome Véronique Courtois and Antoine Arnault to the Group Executive Committee. Throughout their rich careers at LVMH, Véronique and Antoine have consistently demonstrated our Group’s values and propelled its ambitious development through their impactful achievements,” said LVMH Managing Director Stephen Bianchi.
“I am delighted to welcome their unique expertise and knowledge to the Executive Committee, where they will be instrumental in shaping our strategic direction,”
At the time of writing, LVMH shares were trading at 535.4 euros.