The business world is being stirred up by the adoption of the son of Bernard Arnault, owner of LVMH as CEO of Tag Heuer, a luxury watch brand. He is Frederic Arnault who joined his siblings in taking on a greater role as a conglomerate family. Reuters reported, billionaire Bernard Arnault owned a 5.46 percent stake in Carefour through his Arnault Groupe. The richest billionaire in Europe stepped down from his position on the council on April 15.
This prestigious school graduate, Ecole Polytechnique, has worked as an investment manager at the Louis Vuitton producer, led by his father, LVMH. He held positions from 2015 to 2016 before he switched to lead Rimowa. Alexandre’s activities are also like millennials in general. Through his Instagram account, he is seen traveling frequently, playing Chopin’s music in a park in New York City. As well as filling business events and meeting famous business people like Jeff Bezos and Warren Buffett.
As reported by the South China Morning Post in Jakarta, the Arnault family controls nearly half of LVMH which has grown rapidly through acquisitions under CEO Bernard Arnault. The richest man in France who has fashion labels like Louis Vuitton and also champagne and jewelry brands.
Ascended the Throne as CEO Tag Heuer
Frederic Arnault who is still 25 years old will rise as CEO of Tag Heuer on July 1. He previously worked on labels with a focus on developing digital activities. As is known, four of Bernard Arnault’s five children now occupy senior positions in the group. These include Vuitton and Rimowa baggage makers, a German baggage brand led by CEO Alexandre Arnault.
LVMH also said in a statement that Stephane Bianchi, which oversees all watch brands, would expand its authority to take over jewelry brands, except Bulgari. Other brands including Chaumet.
Quoted from the news site, last year, LVMH has agreed to buy the United States Tiffany & Co. jewelry for USD 16.2 billion. The fund is to expand its footprint in one of the fastest-growing luxury market segments.