A family matter.
On Friday, the eldest son of French billionaire Bernard Arnault, Antoine Arnault, was appointed managing director of the Christian Dior SE holding company.
A crucial position for the son Arnault, since this group of shareholders controls the world number one luxury LVMH.
This new step confirms the desire to strengthen family control over the group.
The 45-year-old businessman has also been appointed vice-chairman of the board of directors of the holding company and replaces Sidney Toledano in these two functions, specifies Christian Dior SE in a press release.
Antoine Arnault also retains all of his operational functions within the LVMH group (CEO Berluti, Chairman Loro Piana, Image and Environment Director of the LVMH Group, Director of LVMH).
Organize the transmission of control of the group
"This choice is part of the transformation of the Agache company into a partnership limited by shares which took place on December 6 and is intended to ensure the long-term sustainability of family control over the companies Christian Dior SE and LVMH Moët Hennessy - Louis Vuitton SE,” the statement said.
The transformation of Agache, the family holding company which oversees Christian Dior SE, into a limited partnership, was announced last July, as part of Bernard Arnault's strategy to organize his succession.
Agache was to remain wholly owned by the Arnault family, henceforth as sponsor.
Sponsorship is recognized for its characteristics that facilitate transmission within a family business.
It makes it possible to dissociate management and ownership of capital and also constitutes a deterrent weapon against hostile takeover bids.
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