Dive Brief:
- Antonio “Toni” Belloni, LVMH Moët Hennessy Louis Vuitton’s group managing director and chairman of the executive committee of the LVMH Group, will leave his core positions at the company following its annual meeting in April, according to a Thursday press release.
- Belloni, who has been with the company for 23 years, will also exit the board of directors. He plans to “retain certain functions within the Group” and “will be in charge of strategic missions” for Bernard Arnault, chairman and CEO of the LVMH Group, and will be appointed President of LVMH Italy,” per the release.
- Stéphane Bianchi, who joined LVMH in 2018, will take over Belloni’s responsibilities, which include becoming chair of the group’s executive committee and working alongside Arnault on “the strategic and operational supervision of the Group’s Maisons.” Bianchi will also oversee presidents of the regions as well as the group’s digital and data transformation, per the release.
Dive Insight:
Arnault said in the release that Belloni had been “an essential partner” and “a very important member of the LVMH family,” and he thanked the departing executive for his contributions to the company.
“At my side as Group Managing Director and member of the Board of Directors for over two decades, Toni has been a major contributor to the success of LVMH,” Arnault said. “Inspiring, curious and unfailingly loyal, he has participated in all the acquisitions of recent years and has supported the growth of the Group and its teams with agility and pragmatism. His vision of luxury, of the markets, and his work with our teams have been considerable assets.”
Arnault also praised Belloni’s successor, and said Bianchi “demonstrated rare leadership and management qualities.”
Bianchi said in the release that he was looking forward to his new role within the company.
“After five rich, exciting, and demanding years within the Watches & Jewelry Division, with its extraordinary Maisons and teams, I am honored by the confidence granted by Mr. Arnault, to contribute more widely, in the continuity of Toni’s action and with all the LVMH teams, to always and relentlessly strengthen the success of our Group,” Bianchi said.
Arnault also requested that the board appoint Wei Sun Christianson as a director when it meets on April 18.
“Wei Sun Christianson’s financial culture, her understanding of the luxury goods market and above all her in-depth and invaluable knowledge of China will be invaluable assets for the Board of Directors,” said Arnault. “The arrival of Wei Sun Christianson further strengthens the Board in terms of its expertise, diversity and independence.”
In January, Arnault nominated two of his children, Alexandre Arnault and Frédéric Arnault, to fill vacant seats on the company’s board of directors. Arnault’s daughter Delphine Arnault, who became chairman and CEO of Christian Dior Couture last year, and his son Antoine Arnault, who runs communication and image at LVMH, are already on the board. His youngest son, Jean Arnault, does not sit on the board, but holds sway as director of marketing and product development at Louis Vuitton's watches division.
Also in January, LVMH reported record profits and revenue of 86.2 billion euros for fiscal 2023, or approximately $93.5 billion at current exchange rates, a 9% increase over 2022, while some of its competitors in the luxury sector continue to struggle against uneven consumer demand.
