ANTONIO Belloni is stepping down as second-in-command to billionaire Bernard Arnault at LVMH, as the world’s biggest luxury conglomerate injects fresh blood into senior management.
Belloni, known as Toni, will give up his roles as group managing director and chairman of the executive committee at LVMH, which he helped build into a behemoth with some 75 brands ranging from Louis Vuitton and Celine to Moet & Chandon and Dom Perignon.
Stephane Bianchi, 59, the current head of LVMH’s watches and jewellery unit, will succeed him, the company said on Thursday (Mar 21). Bianchi joined the group in 2018 to lead Tag Heuer and the watchmaking unit, and added Tiffany to his responsibilities following its acquisition.
Arnault, currently the world’s second-richest person, according to the Bloomberg billionaires Index, has been preparing the next generation of LVMH leaders as some of the group’s most senior executives near the end of their careers. Arnault’s top lieutenants have also played a role in training his five children, who all work at the company.
LVMH shares traded 2.3 per cent lower early on Friday in Paris. They’ve risen about 13 per cent this year.
Belloni, a 69-year-old Italian, joined the company that owns Louis Vuitton in 2001. He has overseen strategy and operations of the conglomerate’s labels and supervised regional presidents, among other duties. He joined LVMH from the consumer group Procter & Gamble, where he held various roles in countries including the US, Greece and Switzerland.
Next generation
Bianchi spent a large part of his early career at the cosmetics group Yves Rocher, where he became chief executive officer at the age of 33.
Arnault turned 75 this month and the LVMH Moet Hennessy Louis Vuitton SE statutes allow him to stay as CEO until he’s 80. He’s been progressively elevating his children to positions of greater responsibility within the group as the question of a leadership succession grows more pressing.
His eldest child, Delphine, 48, runs Christian Dior Couture; Antoine, 46, heads image and communications for LVMH and is non-executive chairman of Loro Piana. Alexandre, 31, is the number two at Tiffany, overseeing products and communication, while Frederic, 29, runs the watch division. The youngest, Jean, 25, is in charge of developing Louis Vuitton’s watch category.
Recently, Arnault also named Michael Burke, 67, to head the LVMH fashion group, which includes labels such as Celine and Loewe. Burke, a loyal lieutenant, took over from Sidney Toledano, 72. The group earlier this month named Pierre-Emmanuel Angeloglou as deputy to Burke, supervising labels such as Fendi, Marc Jacobs and Kenzo, confirming a Bloomberg News report.
Belloni will remain at the company, in charge of strategic missions for the CEO and as president of LVMH Italy. He will leave the board after LVMH’s annual general meeting on Apr 18. BLOOMBERG
