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LVMH, the world’s largest luxury group, is proposing that the company change its bylaws to allow CEO Bernard Arnault to remain head of the fashion conglomerate until he’s 85.
The Big Stitch: Bernard has been at the top of LVMH — the owner of brands like Louis Vuitton, Dior, and Tiffany — since 1989, and most luxury insiders assumed he was preparing to hand the reins to one of his five scions, all of whom hold management positions within the empire. But the vote signifies he’s not ready to give up the power quite yet.
Behind the Looks: To the likely frustration of his children, Bernard Arnault refuses to go quietly into that good night… professionally speaking.
- LVMH is asking company shareholders to approve a proposal that would change its bylaws to allow for the maximum age of its chairman and CEO to be lifted from 80 to 85.
- The vote will take place at the annual shareholders meeting on April 17th.
- Bernard, who’s currently 76, already convinced shareholders to raise the maximum age from 75 to 80 back in 2022… so he’s clearly not waiting to get that close to the threshold again.
The Future: The Arnault family office is the controlling shareholder of LVMH, which has made Bernard the fifth-richest person in the world, with a personal fortune of $171.4 billion. His kids — Delphine (49), Antoine (47), Alexandre (32), Frederic (30), and Jean (26) — have all been trying to prove their ability and curry favor with their dad as if this was the French version of Succession.
The stakes are high, especially as the conglomerate moves into new cultural mediums like movies and sports. Whoever can take the top spot now has a chance to really make their mark… and it seems like Bernard himself may be the one who wants to wield that influence.
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