Arnault’s succession plan quickens as his children at LVMH step up

Bernard Arnault, a 75-year-old entrepreneur, transformed his father's construction company into LVMH, becoming one of the world's richest individuals.

Bernard Arnault, over four decades, transformed his father's construction company into the luxury giant LVMH, making him one of the world's richest individuals. The 75-year-old, who is meticulous, demanding, and occasionally brutal, is still heavily involved in managing his empire and dislikes talking about succession with outsiders. However, the billionaire is quietly setting the stage for his five children to take over the over €400 billion corporation when they grow up. In 2022, he increased the age limit for his position as chief executive to 80.

At Thursday's LVMH annual meeting, two of his sons will take their places on the board, leaving only his youngest without a seat as Arnault arranges generational handovers within his family and among the executives who work with them. The future of the world's largest luxury conglomerate, including hotels, Tiffany & Co., and fashion labels like Dior and Louis Vuitton is at risk due to the industry's recovery from an unprecedented pandemic boom.

It's too soon to tell who will lead the company, according to those close to the group. While his eldest child, Delphine, is the head of Dior, a member of the executive committee, and holds the highest position within his empire, analysts have identified scenarios where two or more of the heirs could work together to run the business.