Bernard Arnault, Chairman and CEO of LVMH has reshuffled top management with the appointment of his daughter Delphine to lead Christian Dior, and naming a new boss for Louis Vuitton. Pietro Beccari, who has been the head of Dior since 2018, is moving to replace long-time Louis Vuitton CEO Michael Burke, 65.
Delphine Arnault, 47, has worked at Louis Vuitton for the past decade alongside Burke and previously spent a dozen years at Dior.
Burke, who is Bernard Arnault's longest-serving lieutenant and has also been chairman of jewellery label Tiffany, will continue to work alongside the Arnault senior, the company said in a statement, without detailing his new role.
Shares in LVMH rose as much as 2% to hit new highs. Shares in luxury companies have been boosted recently by the easing of COVID-19 restrictions in China, a key market.
One of the fashion industry's most influential executives, Burke oversaw soaring growth at Louis Vuitton, the world's largest luxury label, playing a key role for example in elevating street styles to the realm of luxury in recent years.
