© Reuters. FILE PHOTO: Frederic Arnault, CEO of Tag Heuer, a part of LVMH, is seen in the course of the model keynote on the Watches and Wonders truthful in Geneva, Switzerland March 27, 2023. REUTERS/Denis Balibouse/File Photo
By Mimosa Spencer
PARIS (Reuters) -Frederic Arnault, certainly one of LVMH Chairman and CEO Bernard Arnault’s 5 kids and heirs, has been promoted to the position of Chief Executive of LVMH Watches, overseeing the TAG Heuer, Hublot and Zenith manufacturers, the luxurious group stated on Friday.
The 29-year-old, who has labored for Tag Heuer since 2017, together with as its CEO since 2020, will proceed to report back to the CEO of LVMH’s watches and jewelry division Stephane Bianchi.
His promotion is a part of a broader reshuffle that features Zenith CEO Julien Tornare changing him at TAG Heuer and the recruitment of Benoit de Clerck, a former Richemont government, to run Zenith.
Tornare, de Clerck and longtime Hublot CEO Ricardo Guadalupe will all report back to Frederic Arnault.
All of Bernard Arnault’s kids maintain high administration positions at manufacturers within the sprawling luxurious conglomerate and have been more and more getting into excessive profile roles because the household tightens its maintain on the empire.
Bernard Arnault, 74, one of many world’s richest people — at occasions transferring forward of Elon Musk and Jeff Bezos — has not indicated he plans to step down any time quickly.
Antoine Arnault, who stepped again from day-to-day administration of upscale menswear label Berluti initially of the 12 months, negotiated a high-profile deal to sponsor subsequent summer time’s Paris Olympic Games and heads the household’s holding firm.
Meanwhile, Delphine Arnault, Bernard Arnault’s eldest baby and solely daughter, has been working LVMH’s second largest style label, Christian Dior, since final 12 months.
At TAG Heuer, Frederic Arnault nudged the label upmarket, launched linked watches with a sports activities bent and made the primary strikes by LVMH to make use of laboratory created diamonds, incorporating them in among the model’s most costly watches.
