The world’s richest man, Bernard Arnault, is choosing which of his children will lead his $418bn conglomorate. Cue gold-plated intrigue and drama …
The march of luxury stepped up its pace last week when Bernard Arnault, co-founder, chairman and chief executive of LVMH –AKA “the wolf in cashmere” and the world’s wealthiest man – handed his daughter Delphine the keys to Christian Dior, the Parisian couture house that, in 1947, kickstarted the modern fashion industry with the New Look.
The symbolism of the move was hard to miss: for months, observers have speculated on succession plans within Europe’s most valuable company, a purveyor of fashion, champagne, jewellery and real estate that is at the heart of the global luxury ecosystem.
