Family Squabble Looms for World’s Largest Luxury Goods Maker
Family Squabble Looms for World’s Largest Luxury Goods Maker (Bloomberg)
LVMH Moet Hennessy Louis Vuitton SA… If you think the company’s name is a little unwieldy, try making heads or tails of family power-struggle for control. Current CEO Bernard Arnault is 64 and could qualify for a state pension. In time, he will step time. Perhaps not any time soon, but the question of who then assumes power is a potentially destabilizing nightmare for the world’s largest maker of luxury goods. Arnault’s son, Antoine, runs shoemaker Berluti, while daughter Delphine, heads up Louis Vitton. And it appears that Arnault — France’s wealthiest man — is testing his children to find his heir apparent. Unfortunately, the competition is also testing investor patience as shares were down 1.3 percent this morning.