LVMUY LVMH Moet Hennessy Louis Vuitton SA (PK)

By Joshua Kirby

LVMH Moet Hennessy Louis Vuitton SE on Wednesday set out major changes at the top of its core fashion business, with Dior boss Pietro Beccari tapped to take the helm of the group's namesake and largest brand, Louis Vuitton.

Mr. Beccari, for the last five years head of LV stablemate Christian Dior Couture, will serve as chief executive and chairman of the brand, the company said. He replaces Michael Burke, a long-serving lieutenant of group CEO and controlling shareholder Bernard Arnault.

Mr. Burke, who joined the world's largest luxury group in 1986 and has led LV for 10 years, will assume new duties, reporting directly to Mr. Arnault.

Mr. Arnault noted the "extraordinary success" of Mr. Burke's tenure at LV, including extending the brand's lead over luxury-sector competitors. He was also key to the integration of U.S. jeweler Tiffany, which LVMH signed at the beginning of 2021 in a landmark $15.8 billion deal, Mr. Arnault said.

LVMH doesn't disclose sales figures by brand, but the fashion & leather-goods division business, home to LV and Dior, in 2021 booked revenue of 31 billion euros ($33.28 billion), some 42% higher than in prepandemic 2019, and is expected to book further healthy growth for 2022.

At Dior, Mr. Arnault's daughter Delphine will succeed Mr. Beccari as CEO and chairman, LVMH said. The move continues a pattern of appointments of Arnault children to key positions within the group. Antoine Arnault was recently tapped to lead holding company Christian Dior SE, the largest shareholder in LVMH, while Alexandre Arnault serves in a top role at Tiffany.

Write to Joshua Kirby at joshua.kirby@wsj.com; @joshualeokirby

(END) Dow Jones Newswires

January 11, 2023 02:53 ET (07:53 GMT)

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