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Bernard Arnault’s son to be executive vice president for Tiffany & Co.

An opportunity to assist run the enduring American jeweler Tiffany & Co. has catapulted Alexandre Arnault into the posh world’s high echelons.

The 28-year-old son of French billionaire Bernard Arnault was thrust into the limelight on Thursday with a key function at Tiffany, after LVMH accomplished its $16 billion on-again-off-again takeover — the posh trade’s largest. Alexandre was named executive vice president for merchandise and communication, and can assist new Chief Executive Officer Anthony Ledru oversee the corporate.

For the third of LVMH founder Arnault’s 5 kids, the transfer marks a leap from managing a small suitcase maker for the group to work at one of many world’s best-known jewellery manufacturers with pre-pandemic annual income of about $4.Four billion. It additionally makes him a extra severe contender to some day run the posh empire constructed by his 71-year-old father.

“Bernard Arnault is building a fair process between the Arnault siblings by testing them,” stated Philippe Pele-Clamour, adjunct professor at enterprise college HEC Paris. “That will allow them to understand if they can lead such a group.”

The first son of Arnault’s second spouse, Alexandre is within the line of succession to one of many world’s largest fortunes. His father has a web value of about $114 billion by means of his holdings in LVMH and Carrefour SA, making him Europe’s richest and the world’s fourth-wealthiest particular person, in accordance to the Bloomberg Billionaires Index.

Alexandre’s ascent gives contemporary fodder for the chattering courses in France, which carefully observe the household for indicators of who Arnault’s anointed successor would possibly be. Although it could be a protracted whereas earlier than Arnault — who stays fingers on within the enterprise — is prepared to retire, the guessing sport continues. Four of the 5 Arnault kids are at present concerned within the firm, Europe’s second-largest by market worth after Nestle SA.

While Jean remains to be a pupil, Alexandre’s youthful brother Frederic manages watchmaker Tag Heuer. Delphine, Alexandre’s half-sister, is executive vice president of Louis Vuitton, whereas half-brother Antoine heads shoemaker Berluti and oversees picture, communications and the setting for LVMH.

An engineer by coaching — graduating from France’s Ecole Telecom ParisTech and Ecole Polytechnique — Alexandre has since 2017 led German baggage maker Rimowa, acquired by LVMH the yr earlier than. The executive, who will be based mostly in New York for his new function, started his profession within the U.S., first at McKinsey & Company after which at KKR. He joined LVMH and Groupe Arnault, specializing in digital innovation and honing his administration expertise at Fendi earlier than shifting to Rimowa.

The suitcase maker is a small a part of LVMH’s vogue and leather-based items unit, which represented greater than 40% of the conglomerate’s gross sales of 53.7 billion euros ($65 billion) in 2019 — largely pushed by Louis Vuitton and Christian Dior manufacturers. A yr in the past, releasing annual outcomes, Bernard Arnault stated Rimowa had achieved “remarkable growth since we acquired it.”

At Tiffany, Alexandre and Ledru may have their fingers full as the posh trade contends with the second yr of a pandemic that’s compelled retailer closures internationally and shrunk discretionary spending. Still, their collaboration will assist take Alexandre up the training curve, stated Luca Solca, an analyst at Bernstein.

“The idea of pairing experienced managers with up-and-coming family members, and possible future leaders, creates a fruitful environment,” he stated, including that it may “avoid mistakes, and prove one’s true value.”

The Tiffany appointment caps an eventful month for Alexandre, who with Antoine is the household’s highest-profile member, with an lively Instagram account of posts of every little thing from Rimowa’s merchandise and household pictures to conferences with billionaires Jeff Bezos and Warren Buffett. A number of weeks in the past, he used the account to announce his engagement to his girlfriend, saying “engaged to my soulmate and my best friend,” with the emoji of a hoop.

(This story has been revealed from a wire company feed with out modifications to the textual content. Only the headline has been modified.)

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