Bernard Arnault is, According to Forbesthe fifth largest fortune in the world with an estimated heritage at 170.5 billion dollars, achieved thanks to the Empire of Fashion and LVMH luxury products that have been presiding over for more than 25 years.
It seems that the millionaire is very comfortable in position And he is not willing to release the commission’s helm. In fact, it will propose a regulatory change in LVMH statutes to continue at least nine more years.
I am made a kid!
According to published ReutersBernard Arnault, 76, wants to continue at the head of LVMH to 85 years. Therefore, it has proposed to expand the maximum age established in the company’s statutes.
The company’s request has been transferred to the agenda of the next Board of Shareholders of LVMH that will be held on April 17 where it will vote.
This is not the first time that Arnault expands the maximum age of its executive director. In 2022 the shareholders They already approved an extension Until the age of 80, with the aim of ordering his succession at the head of the luxury empire.
With this decision, the French millionaire seems to want to join the club of senior octogenarian managers who decide that retirement does not go with them. In fact, when Arnault first postponed the date of his withdrawal, Warren Buffett, 94, He sent him a letter warning that 80 years was a limit too low to retire. Again, The voice of experience of buffett right.
Such and as he published Fortunethe LVMH CEO is in full form And he claims not to have lowered the pace despite his age, keeping a days of 12 hours a day.
The “Succession” of the Arnault
The news of the possible extension of Arnault’s mandate coincides with commercial tensions between the United States and the European Union. Donald Trump, a personal friend of the French millionaire, has threatened to impose strong Tariffs to European products like wine and champagne, which would directly affect the division of LVMH wines and liquorsMoët Hennessy.
Therefore, Arnault’s permanence could be related to his desire to manage these economic challenges and geopolitics effectively, taking advantage of its proximity to Trump.
Although Arnault has not yet announced publicly Who will your successorthe control of the Arnault family about the Empire of LVMH is more than insured. Arnault has five children, and all of them occupy strategic management positions in the main brands of the group, as well as in the Board of Directors of the Business conglomerate. Delphine Arnault is the CEO of Christian Dior Couture, the most important brand of LVMH.
Antoine Arnault is LVMH image director and has held the position of communication director of Louis Vuitton and CEO of the Male Berluti firm.
Alexandre Arnault was recently appointed delegate councilor of Moët Hennessy, after having directed the Jewelry firm Tiffany & Co. and, before that, he directed the Rimowa suitcase brand.
This same week, Frédéric Arnault, has been appointed director of the Italian fashion brand Loro Piana after passing through the group’s watchmaking division. The youngest brother is Jean Arnault, who is currently director of Watchmaking at Louis Vuitton.
Although it is not yet clear which brother will take the reins as the company’s CEO, the Arnault family is clearly prepared to take over from the patriarch of the clan.
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Image | Flickr (Forgemind Archimedia), Unspash (Willian Justen de Vasconcellos)