(Finance) – The board of directors of Christian Dior SEthe holding company of the Arnault family which controls the luxury giant LVM extensionhas appointed Antoine Arnault as CEO and Vice President of the board to replace Sidney Toledano, a longtime executive who resigned.
Christian Dior SE is a publicly traded company which holds most of the Arnault family shares in LVMH. In particular, Christian Dior SE holds 41%, equal to 56% of the voting rights.
Antoine Arnault is the second son of Bernard Arnault, president and CEO of LVMH, a conglomerate that controls iconic brands such as Louis Vuitton, Tiffany & Co, Moet & Chandon and Bulgari. Bernard Arnault, 73 years old, he has shown no sign of wanting to leave his posts to his five sonswho occupy various top positions in the brands controlled by LVMH.
The appointment came as part of the transformation of Agache SE into a limited partnership by shares, which took place on 6 December 2022, which will allow for long-term family control by Christian Dior SE and LVMH.