LVMH moves owner’s son Alexandre Arnault to top drinks job in latest nepotism row

Luxury mogul Bernard Arnault has promoted his 32-year-old son to a top position in his empire from fashion to drinks.

The appointment of Alexandre Arnault is the latest episode in the company’s succession drama.

He will become deputy chief executive of Moët Hennessy, the drinks division of the LVMH conglomerate, under company expert Jean-Jacques Guiony.

Rumors have circulated about which of Arnault’s five children will be chosen to take over the business, giving rise to a real-life inheritance saga with echoes of the television drama Succession, starring Brian Cox.

Arnault’s empire also includes Louis Vuitton, Tiffany & Co, Christian Dior, Fendi and Givenchy.

The LVMH founder has earned a reputation for making ruthless decisions and leaving rivals guessing about the company’s future.

Arnault, 75, nicknamed “the cashmere wolf,” is the fifth richest person in the world, according to Forbes.

After Alexandre and his brother Frédéric, 29, took on management positions this year, now only the youngest brother, Jean, 26, has none.

His eldest daughter, Delphine, is the president and CEO of the Christian Dior fashion brand, while the other brother, Antoine, is the head of communications at LVMH.

The Moët Hennessy division has battled a recession in the luxury sector this year, with sales falling 8 percent during the first nine months of 2024 compared to last year.

Even the super-rich seem to be less interested in expensive drinks, such as Moët & Chandon, Dom Pérignon, Krug and Veuve Clicquot champagnes.

LVMH suffered its first quarterly sales decline since the pandemic last month.

The French group recorded a 3 percent drop in sales during the three months to September.