Luxury giant LVMH has completed the acquisition of Tiffany & Co. With Bernard Arnault's son gaining power, the top management of the jewellery company is thoroughly shaken up.
Anthony Ledru will be CEO of Tiffany, while 28-year-old Alexandre Arnault will be vice president, overseeing products and communication. They will lead the jewellery chain together, reports Bloomberg. Up until now, Ledru has been responsible for Louis Vuitton's commercial activities. Alexandre Arnault, on the other hand, was the head of suitcase manufacturer Rimowa, also part of the luxury goods group.
Choosing Ledru as Alessandro Bogliolo's successor, the French company opts for someone with extensive experience in the American luxury goods market. Before his six years at LVMH, Ledru held high-level positions at various jewellery brands, including Harry Winston and Cartier. Tiffany isn't new territory for Ledru. Between 2013 and 2014, he was in charge of the American and Canadian branch of the business. In addition to Bogliolo (CEO), Reed Krakoff (chief artistic director) and Daniella Vitale (chief brand officer) will also be leaving the company within a few weeks.
Four out of five of Bernard Arnault's children now hold key positions in the LVMH founder's empire. His daughter, Delphine, is vice-president of Louis Vuitton. His eldest son, Antoine, leads Berluti. His other son, Frederic, runs watch brand Tag Heuer.
thanks to this promotion, the chances of Alexandre ever taking over his father's role have increased considerably. In any case, he doesn't get the easiest of jobs with Tiffany. As a result of the coronavirus crisis, the luxury jewellery chain has been hit hard. The industry is primarily counting on high demand from China to turn the tide.