Luxury powerhouse LVMH, owned by billionaire Bernard Arnault, has handed the reins of its Watches division to the 29-year-old scion, Frédéric Arnault.
This newly created role encompasses the oversight of iconic brands such as Hublot, Tag Heuer, and Zenith.
His appointment took effect from January 1, Arnault’s as it aligns with LVMH’s vision for robust and sustainable growth within the watch maisons, further solidifying the conglomerate’s stature in the watchmaking industry.
According to the luxury giant’s statement on Friday, Arnault reports directly to Stéphane Bianchi, CEO of LVMH’s watches and jewellery division.
In his role as the head of LVMH Watches, Arnault assumes responsibility for the prestigious brands, steering the course for Zenith, Hublot, and TAG Heuer.
Notably, he previously spearheaded the Swiss watch manufacturer’s foray into smartwatch technology, marking a dynamic shift in the traditional horology landscape.
Arnault’s journey with TAG Heuer commenced in 2017, where he initially served as the director of the Connected brand of smartwatches, before ascending to the position of CEO in 2020.
Before making significant strides in the family business, Frédéric Arnault honed his skills through internships at McKinsey and delved into the realm of artificial intelligence research at Facebook.
What you should know
Based on estimations by Forbes, Bernard Arnault’s family, holds a $187.2 billion fortune, placing them as the second richest family globally.
Their wealth is primarily due to billionaire Arnault’s 47% stake in LVMH, established in the 1980s.
- Over the last few years, Arnault’s children have taken charge of the fashion empire. For instance, Delphine Arnault assumed the position of chairman and CEO of Christian Dior Couture in January 2023.
- Meanwhile, Antoine Arnault has been steering the group’s direction since 2018, along with leading the family holding company, Christian Dior SE, since December 2022.
- While he recently stepped down from the CEO role at Berluti, he retains chairmanship at both Berluti and Loro Piana.
- The younger sons, Alexandre and Jean Arnault, have their focus on hard luxury, with Alexandre heading product and communications at Tiffany & Co., and Jean serving as the watch director of Louis Vuitton.
The foundation of Bernard Arnault’s empire dates back to the 1980s when he acquired a stake in the insolvent Christian Dior for $15 million in 1984.
The visionary magnate orchestrated a monumental deal in 1987, merging Louis Vuitton with the illustrious Moët et Chandon and Hennessy, birthing a luxury goods conglomerate.
Under his leadership, the conglomerate expanded exponentially, amassing over 75 brands, including Givenchy, Sephora, Marc Jacobs, and Bulgari.
In 2017, Arnault solidified his grip by outright purchasing Christian Dior for an estimated $13.1 billion.
