Family affair: Two more Arnault sons join LVMH board / Photo: Miguel MEDINA - AFP
-
Padikkal, Gill half-centuries take India to 187-3 at tea
-
Zelensky rejects wartime elections, says would 'split' Ukraine
-
Cummins hails 'sharp' Australia as they get back to winning ways
-
'Keep up the spirit': Indonesian teenage 'Superman' joins wildfire fight
-
Bangladesh eye more Australia Tests to hit next level
-
Starc bags 10 as Australia thrash Bangladesh in second Test
-
Thousands expected at Sweden climate demo as election looms
-
Starc heroics see Australia thrash Bangladesh in second Test
-
Starc heroics put Australia on brink of victory over Bangladesh
-
Pegula dethrones Swiatek to book Cincy final against Gauff
-
Austrian mountain town finds niche in AI boom
-
South Korean survivor fights for workplace harassment 'justice'
-
Messi scores but Miami slump continues with loss to Toronto
-
Starc strikes as Bangladesh struggle to stay alive in 2nd Test
-
Sydney marathon unveils medal with wrong stadium
-
Prince Harry: royal misfit making unlikely UK return
-
Macron hosts Saudi's MBS for visit ranging from esports to Mideast
-
Blowing in the wind, humble balloon gets green makeover
-
Australia in control with 146-run first innings lead over Bangladesh
-
Pegula dethrones Swiatek to reach Cincinnati final
-
World No. 3 Pegula beats defending champ Swiatek to reach Cincy final
-
IndyCars zip among iconic Washington landmarks ahead of Freedom 250
-
Wyndham Clark surges clear at BMW Championship
-
Real Madrid snatch late win at Espanyol on Mourinho's return
-
Maresca says Man City must fill Rodri void after Barca switch
-
Real Madrid beat Espanyol in Mourinho's first game on return
-
Canada retaliates as trade war with US escalates
-
Olise helps Bayern past Dortmund in German Supercup
-
Fils dominates Cobolli to book Cincinnati final
-
Coach Rennie hails clinical All Blacks after Springboks Test win
-
Spurs lacked fight in dismal defeat at Brentford says De Zerbi
-
Charlton deliver blow to 'under pressure' Hammers boss Nuno
-
Inter thrash Monza to launch Serie A title defence
-
Carrick keeps calm despite Man Utd misery, big-spending Spurs crushed
-
Shambolic Spurs battered by Brentford
-
Canada's Carney stands up to Trump, despite risks
-
Pogacar wins Vuelta a Espana opening stage
-
Lens hammer Auxerre thanks to Thauvin penalty double
-
Clinical New Zealand shock wasteful South Africa in first Test
-
No singles for Serena, but she joins Alcaraz for US Open
-
Canada hits back with new tariffs after trade talks with US fail
-
Joao Pedro extends Chelsea stay with new long-term deal
-
Swedish police identify 17-year-old girl as victim in school sword attack
-
Yamaguchi to face An in hunt for fourth badminton world crown
-
Carrick keeps calm despite Man Utd misery, Sage beaten in first game as Palace boss
-
Norris clinches pole for Dutch GP
-
France to deliver interceptor missiles to Ukraine after new Russian strikes
-
Norris clinches pole for Dutch Grand Prix
-
Serena Williams and Alcaraz unite in US Open mixed doubles
-
Pope Leo calls for courage in Rimini visit after stop in tiny San Marino
Family affair: Two more Arnault sons join LVMH board
Two sons of the world's richest man Bernard Arnault on Thursday joined the board of LVMH after a shareholder vote, further cementing the family's control on the French luxury goods giant.
The pair joined their elder siblings on the board of directors of the company, which houses brands such as Dior and Louis Vuitton, meaning four of Bernard Arnault's five children now sit on the board.
Alexandre, 31, is the executive vice president of Tiffany, while Frederic, 29, is the CEO of Swiss luxury watchmaker Tag Heuer.
The Forbes magazine currently lists Bernard Arnault, and his family, as the world's richest person with a fortune of $214 billion, ahead of Amazon founder Jeff Bezos and Elon Musk who heads Tesla and X.
Each son got more than 93 percent at the shareholder meeting, with the results coming as no surprise.
The Arnault family group holds 48.6 percent of LVMH's capital and 64.3 percent of the votes, a fact Arnault acknowledged shortly ahead of the proceedings.
"I've got the majority of votes, so...", he said.
Two other children from a previous marriage, Delphine, 49, and Antoine, 46, are already board members, but the youngest sibling, Jean, 26, still has to wait his turn.
"He has time, he's young", said the 75-year-old founder.
LVMH also nominated Wei Sun Christianson to succeed Toni Belloni, the group's number two, who announced his departure at the end of March.
Christianson, who joins from American investment bank Morgan Stanley, is "a great expert on business in China", said Arnault, stressing the value of the country's market.
"The group has a strong presence in China, so it's important to have precise views on what's happening," he added.
LVMH announced on Wednesday sales of 20.7 billion euros ($22 billion) for 2024's first quarter, slightly under industry expectations, in part, due to a slowdown in Chinese consumption.
"I hope that economic tensions will ease and that we can continue a sustained economic collaboration with China," said Arnault.
The group also announced the launch of an employee shareholding plan "by the end of the year".
"Everything is complicated in France, but I think we'll get there," Arnault said.
L.Hussein--SF-PST
