The moves aim to navigate the challenges posed by a weakened market, but are also part of a broader succession plan.
Mr Frederic Arnault recently announced several C-suite changes at LVMH involving Mr Julien Tornare, Mr Ricardo Guadalupe and Mr Antoine Pin.
On July 17, LVMH caused a stir when it announced a shake-up in its watch division. After 20 years at Hublot, 12 of which were spent steering the brand, Mr Ricardo Guadalupe is stepping down as chief executive to become honorary chairman on Sept 1. On July 2, the group announced that Mr Louis Ferla, currently the CEO of Vacheron Constantin, will take over as CEO of Cartier from Mr Cyrille Vigneron, who will retire and become chairman of Cartier Culture & Philanthropy.
Meanwhile, LVMH, led by Mr Frederic Arnault, the 29-year-old son of chairman Bernard Arnault, is also consolidating its strength in the competitive luxury watch market. His transition from Tag Heuer CEO to overseeing the entire watch division earlier in 2024 reflects a strategic move to harness his expertise and drive the group’s growth.
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