Richest man in the world appoints daughter Dior as CEO

Bernard Arnault, the richest man in the world and chairman and CEO of luxury goods giant LMVH, has appointed his daughter as the new head of Christian Dior. Reuters. Delphine Arnaut, 47, succeeds Pietro Beccari, who is about to take over as CEO of Louis Vuitton.

LVMH Moët Hennessy Louis Vuitton is the world’s largest luxury goods company. The 73-year-old Arnault founded the company in 1987. It is the parent company of numerous prestigious brands, including Bulgari, Celine, Fendi, Givenchy, Veuve Clicquot and Dom Perignon. LVMH operates in more than 70 countries worldwide.

Delphine Arnault served as Deputy Director of Dior for 12 years before becoming Executive Vice President at Louis Vuitton in 2013.

Bernard Arnault’s children wield considerable power throughout the LVMH empire. Antoine is the CEO of Christian Dior SE, Alexandre is the executive VP at Tiffany & Co, Frédéric heads up Tag Heuer and Jean handles marketing and watch development for Louis Vuitton. Antoine and Delphine Arnault are also on the board of LVMH.

According to Bloomberg, Arnault’s current net worth is $178 billion. He is now the richest man on earth with $50 billion, surpassing Tesla CEO Elon Musk, who became the first person ever to lose $200 billion in the past year.

Business Insider quoted Arnault’s statement about his daughter’s new position. Delphine Arnault’s appointment “is another milestone in a career in fashion and leather goods marked by excellence,” he said, “first at Christian Dior for 12 years and then at Louis Vuitton over the past decade, where she was number two was with responsibility for all of the House’s product activities.”

Arnault concluded the statement by saying that Delphine’s “sharp insight and incomparable experience will be decisive assets in driving Christian Dior’s continued development.”

BI noted a seemingly positive effect on the company’s stock as shares rose 1.6% on Wednesday, giving LVMH a massive $414 billion valuation.