Bernard Arnault, the richest man in the world, president of the luxury brand group LVMH, is 74 years old and, according to media reports, is polling which of his five children will succeed him. However, Sidney Toledano, CEO of LVMH, told The Journal that Bernard Arnault’s children get along great. He added that there is no guarantee that either of them will replace the richest man in the world in running a luxury empire.
Sidney Toledano, general manager of the fashion house LVMH, referred to the succession in the family of Bernard Arnault, the owner of the luxury concern LVMH. He told The Journal that there was no guarantee that any of Bernard Arnault’s children would replace him.
“At no time did he say to me, ‘I have to prepare my children for my succession,'” Toledano said.
Arnault familyChesnot/Getty Images
The world media compare these meetings to hard negotiations, which are shown in the hit HBO Max series “Succession”.
Succession speculation
Bernard Arnault is the chairman and CEO of LVMH, owner of the Louis Vuitton, Christian Dior and Moët & Chandon champagne brands. The head of this empire has become the third person in the world to amass a fortune valued above the $200bn (£160bn) threshold. Before him, this record level was reached Jeff Bezos from Amazon and Elon Musk from Tesla, however, their fortunes have dwindled after the fall in tech stock prices.
pap_20170615_1D0MARTIN BUREAU / AFP POOL MAXPPP / PAP
The 74-year-old billionaire has five children from two marriages, all of whom now work for the company or one of its brands. Arnault is said to meet his children for lunch each month at the company’s global headquarters in Paris.
“During a 90-minute lunch, he briefs them on the company’s strategy and the performance of managers from more than 70 LVMH brands,” The Wall Street Journal reported.
There is much speculation in the market as to which sibling is in the best position to take over Arnault’s role in the company. However, Sidney Toledano, general manager of fashion house LVMH, stressed in “The Journal” that Arnault’s children get along great.
Who will replace Bernard Arnault?
By industry insiders, the eldest and only daughter, Delphine, was seen as a favorite for succession after becoming CEO of Dior in January.
Delphine ArnaultWireImage/GettyImages
“Each of Bernard Arnault’s five children currently holds high positions in the French concern. However, they still have to wait for the succession. Last year, the regulations of the concern were changed and the period for which the general director can hold his position from 75 to 80 years” – writes “The Guardian”.
Main photo source: Chesnot/Getty Images