Luxury tycoon Bernard Arnault has promoted his 32-year-old son to a senior role in his fashion-to-drinks empire.
Alexandre Arnault’s appointment is the latest episode of the company’s succession drama.
He will become deputy chief executive of Moët Hennessy, the drinks arm of conglomerate LVMH, working under company insider Jean-Jacques Guiony.
Family ties: Alexandre Arnault will become deputy chief executive of Moët Hennessy, the drinks arm of conglomerate LVMH
Rumours have swirled over which one of the five Arnault children will be anointed to take over the business – giving rise to a real-life inheritance saga with echoes of TV drama Succession, starring Brian Cox.
Arnault’s empire also includes Louis Vuitton, Tiffany & Co, Christian Dior, Fendi and Givenchy.
The LVMH founder has garnered a reputation for ruthless decisions and leaving rivals guessing over the future of the company.
Arnault, 75, who has earned the sobriquet ‘the wolf in cashmere’, is the world’s fifth-richest person, according to Forbes.
After Alexandre and his brother Frederic, 29, took on board positions this year, it is now only the youngest sibling Jean, 26, who does not have one.
His eldest child, Delphine, is the chairman and chief executive of fashion label Christian Dior, while the other brother, Antoine, is LVMH’s head of communications.
The Moët Hennessy arm has struggled with a luxury downturn this year, with sales down 8 per cent for the first nine months of 2024 compared to last year.
Even the super wealthy appear to be less interested in expensive drinks including Moët & Chandon, Dom Pérignon, Krug and Veuve Clicquot Champagnes.
LVMH last month suffered its first quarterly sales slump since the pandemic.
The French group posted a 3 per cent drop in sales for the three months to September.
DIY INVESTING PLATFORMS
AJ Bell
AJ Bell
Easy investing and ready-made portfolios
Hargreaves Lansdown
Hargreaves Lansdown
Free fund dealing and investment ideas
interactive investor
interactive investor
Flat-fee investing from £4.99 per month
Saxo
Saxo
Get £200 back in trading fees
Trading 212
Trading 212
Free dealing and no account fee
Affiliate links: If you take out a product This is Money may earn a commission. These deals are chosen by our editorial team, as we think they are worth highlighting. This does not affect our editorial independence.
Compare the best investing account for you
***
Read more at DailyMail.co.uk