Bernard Arnault’s two sons, Alexandre and Frédéric, have been elected to the board of LVMH, further solidifying the family’s control of the French luxury goods company. This brings the total number of Arnault’s children on the board to four out of five. The shareholder meeting where the sons were elected saw overwhelming support, with each son receiving over 93% of the votes cast.
The Arnault family group already holds a significant stake in LVMH, owning 48.6% of the company’s capital and controlling 64.3% of the votes. This level of ownership ensured that the election results were a formality. While two other children from a previous marriage, Delphine and Antoine, are already serving on the board, the youngest sibling Jean will have to wait his turn.
In other news, LVMH has announced the nomination of Wei Sun Christianson to succeed Antonio Belloni as its number two executive at the end of March. Christianson is coming from Morgan Stanley and specializes in business in China, a crucial market for LVMH. With a notable presence in China, having an expert like Christianson on board will provide valuable insights into the region’s business landscape according to Arnault.