Bernard Arnault, the richest man in the world, names his daughter to run Dior

(CNN) – Billionaire Bernard Arnault, owner of the luxury group LVMH, has announced the appointment of his daughter Delphine as the new director of Christian Dior.

The 47-year-old will take over as president and CEO of the French brand from February, after a major shake-up at the group behind brands including Louis Vuitton, Fendi, Givenchy and Tiffany & Co.

Arno, who became his father The richest man in the world last monthShe will leave Vuitton behind, where she has held the position of Executive Vice President since 2013. She previously spent more than a decade at Dior and was heavily involved with the LVMH Award for Young Fashion Designers.

In a press release, Bernard Arnault described his daughter’s career in the company as “marked by distinction”.

“Under his leadership, the appeal of Louis Vuitton products has advanced significantly, allowing the brand to regularly break new sales records,” he said. “His unparalleled vision, perception and experience will be a critical asset in driving Christian Dior’s continued evolution.”

Delphine Anault joins the brand seeking to regain the sustainable growth it enjoyed prior to the covid-19 pandemic. The move also comes as Dior, like the rest of the luxury fashion industry, prepares for a season full of major shows and new collections. In the next two months, the brand will present new menswear, luxury fashion and women’s ready-to-wear lines at the next edition of Paris Fashion Week.

Wednesday’s announcement follows a series of recent changes by LVMH, including the appointment in a new role of Arnaud’s second son, Antoine, who will take over as CEO of the holding company through which the family holds its majority stake in LVMH. He will replace CEO Sidney Toledano.

It was also announced Wednesday that Louis Vuitton’s outgoing Dior chief Pietro Bicari will be taking over, whose current CEO Michael Burke will remain at Arnault’s luxury empire in a yet-undisclosed role. The conglomerate’s share price rose on the news of the reorganization.

In a statement, Bernard Arnault praised Beccari, who has been working for Dior since 2018, for his “extraordinary” work. Together with Creative Directors Maria Grazia Chiuri and Kim Jones, who head the women’s and men’s divisions respectively, the Italian CEO has overseen several key developments at the brand, including a transition into beachwear and a major revamp of the brand’s flagship store in Paris.

In recent years, Dior has also appointed powerful celebrity ambassadors and collaborators, from Travis Scott to tennis star Emma Raducano to K-pop star Jisoo. Meanwhile, the brand has hosted increasingly ambitious shows, including a spectacular night show that used the illuminated pyramids of Giza as a backdrop for its Fall 2023 menswear collection, and expanded its presence in Asia. Last year, the fashion house hosted a show in South Korea for the first time.

Reuters said, citing Citi’s estimates, that sales tripled to 6.6 billion euros (about $7.1 billion) during Picari’s four-year tenure.

Bernard Arnault has been widely credited with turning around Dior’s fortunes over the years since he first became involved with the brand in 1984. The 73-year-old, worth an estimated $171 billion, has expressed no intention of leaving his position at Dior. LVMH. Reuters reported that the company last year raised the age limit for its CEO from 75 to 80.