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The Times of India
The Times of India
Lifestyle
TIMESOFINDIA.COM

Meet Pietro Beccari: The new CEO of Louis Vuitton

French luxury house, Louis Vuitton Malletier, also known as Louis Vuitton is witnessing a management change. The chairman of the company, Bernard Arnault has reshuffled top management. Now, Pietro Beccari, who has been the head of Dior since 2018, will replace long-time Louis Vuitton CEO Michael Burke and Bernard has given the job of leading Dior to his loving daughter Delphine Arnault.

According to Credit Suisse analyst, Natasha Brilliant."Both are well respected; logical promotions within the group."

Delphine Arnault, who is 47-years-old, has worked at Louis Vuitton for the past decade alongside Burke and previously spent a dozen years at Dior.

According to a Reuters report, Burke, who is Bernard Arnault's longest-serving lieutenant and has also been chairman of jewellery label Tiffany, will continue to work alongside the Arnault senior, the company said in a statement, without detailing his new role. The man is known as one of the fashion industry's most influential executives, who led Louis Vuitton to a soaring growth, making it the world's largest luxury label.

And for the uninitiated, Beccari, who also previously led LVMH-owned label Fendi, increased sales at Christian Dior three-fold to 6.6 billion euros during his tenure, according to estimates from Citi. LVMH does not provide a breakdown of annual sales of its brands.

"Beccari pushed the label into new products, including beach accessories such as surfboards and hammocks, bringing them closer to clients by setting up temporary retail outlets in resort locations including Mykonos, Greece, and Santa Barbara, California," cites Reuters.

The executive steered a massive overhaul of the label's historic Avenue Montaigne address in Paris, transforming it into a hulking flagship with restaurants and a museum, reviving foot traffic in the neighbourhood, adds Reuters.

The report adds that the announced changes, which come into effect in February, follow the recent appointment of Antoine Arnault, Bernard Arnault's eldest son, to head the family's holding company. The tightening of the family's hold on its empire also comes amid a wave of high-profile successions in other fashion companies in Europe, including at Prada (1913.F) and Zara owner Inditex.

"Succession planning in strategic roles has been instrumental to the success of LVMH's key brands over the past 20 years, hence today's moves are significant," adds Thomas Chauvet, analyst with Citi.

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