Energy News
TRADE WARS
Family affair: Two more Arnault sons join LVMH board
Family affair: Two more Arnault sons join LVMH board
By Katell PRIGENT
Paris (AFP) April 18, 2024

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.

kap-ekf/sjw/yad

LVMH

Christian Dior

TIFFANY & CO

Amazon.com

Tesla

Related Links
Global Trade News

Subscribe Free To Our Daily Newsletters
Tweet

RELATED CONTENT
The following news reports may link to other Space Media Network websites.
TRADE WARS
EU seeks to take on China, US to reverse economic decline
Brussels, Belgium (AFP) April 18, 2024
The European Union's economy is falling further behind China and the United States, a major headache that will dominate leaders' talks on Thursday as they discuss how to stem the bloc's economic decline and bounce back. From supply chain disruptions following the coronavirus pandemic to an energy crisis after Russia's invasion of Ukraine, Europe's economy has faced multiple challenges in recent years. But it may yet face its biggest: the clean energy and digital transitions that Brussels has mad ... read more

TRADE WARS
World's largest private firms fail to set climate targets: report

Scotland abandons ambitious climate pledge

Swiss climate policy in spotlight after court ruling

Climate impacts set to cut 2050 global GDP by nearly a fifth

TRADE WARS
Innovative Seron Electronics Paves the Way for Accessible Scientific Research

Dig deep: US bets on geothermal to become renewable powerhouse

Setting a laser like sight on a path to practical fusion

Unveiling a new class of plasma waves: implications for fusion energy

TRADE WARS
China says 'highly concerned' over EU probe into wind turbine suppliers

EU probes Chinese wind turbine suppliers over subsidies

Swedish-Belgian group wins Norway's first offshore wind license

Wind-powered Dutch ship sets sail for greener future

TRADE WARS
Solar energy adoption challenges in rural Ethiopia

The role of Floating Solar in achieving Africa's energy targets as an alternative to dams

USTC team enhances air-processed perovskite solar cells with new stabilizer

New Layered Perovskite Structure Explored for Enhanced Optical Properties

TRADE WARS
Framatome secures multi-billion euro contracts for Sizewell C nuclear project

Ukraine starts building first US-design nuclear reactors

IAEA warns that attacks on Ukraine plant mark new risks in war

IAEA to meet on nuclear plant targeted in Ukraine conflict

TRADE WARS
Transforming CO2 into green fuel with innovative sunlight-powered catalyst

Turning CO2 into Methanol at Room Temperature

Tripling the US Bioeconomy: The Billion-Ton Report's Blueprint for Sustainable Biomass

Greenhouse gas repurposed in University of Auckland experiments

TRADE WARS
Oil, gas drilling blocked in Alaska wilds as Biden seeks green cred

Oil jumps more than 3% on Middle East worries

Quake-hit Dutch gas plant to close for good

Iraq inks energy deals on premier's US visit

TRADE WARS
Drought-hit Colombia halts electricity exports to Ecuador

Panama plans dry alternative to drought-hit canal

Top Europe court to issue landmark climate verdicts

Greek valley that became a lake stirs drought debate

Subscribe Free To Our Daily Newsletters




The content herein, unless otherwise known to be public domain, are Copyright 1995-2024 - Space Media Network. All websites are published in Australia and are solely subject to Australian law and governed by Fair Use principals for news reporting and research purposes. AFP, UPI and IANS news wire stories are copyright Agence France-Presse, United Press International and Indo-Asia News Service. ESA news reports are copyright European Space Agency. All NASA sourced material is public domain. Additional copyrights may apply in whole or part to other bona fide parties. All articles labeled "by Staff Writers" include reports supplied to Space Media Network by industry news wires, PR agencies, corporate press officers and the like. Such articles are individually curated and edited by Space Media Network staff on the basis of the report's information value to our industry and professional readership. Advertising does not imply endorsement, agreement or approval of any opinions, statements or information provided by Space Media Network on any Web page published or hosted by Space Media Network. General Data Protection Regulation (GDPR) Statement Our advertisers use various cookies and the like to deliver the best ad banner available at one time. All network advertising suppliers have GDPR policies (Legitimate Interest) that conform with EU regulations for data collection. By using our websites you consent to cookie based advertising. If you do not agree with this then you must stop using the websites from May 25, 2018. Privacy Statement. Additional information can be found here at About Us.