LVMH Replaces Louis Vuitton and Dior
LVMH – the holding company for Bernard Arnault’s luxury brand – has announced that it will replace the Louis Vuitton brand’s CEO after more than a decade in the role. Italian Pietro Bicari will replace Michael Burke, who led the Christian Dior brand since 2018.
Hired by LVMH in 2006 as vice president of marketing, Picari took over the Fendi brand in 2012. Prior to LVMH, he worked for companies such as Parmalat and Henkel. To replace Bicari, Arnault promoted his daughter: Delphine, 47, who has spent the past 10 years working with Burke at Louis Vuitton.
Before, she had already received a 12-year pass at Dior. In the first nine months of 2022, LVMH saw its revenue increase by 28% to 56.5 billion euros as pandemic-related restrictions eased around the world. The fashion and leather goods sector, which includes Louis Vuitton and Dior, was the main highlight, up 31%. Luxury goods market shares have risen in recent weeks, boosted by the rollback of China’s covid-zero policy.
This year, LVMH has accumulated 11%. Despite the current changes, Arnault is unlikely to step down as CEO and chairman of the board of LVMH any time soon. Last year, the company raised the age limit for holding senior positions in the business from 75 to 80, which would give Arnault another seven years at the helm of the world’s most valuable luxury company. world.