Michael Burke named LVMH Fashion Group chairman and CEO
Reuters
Published Jan 18, 2024 11:44AM ET
Updated Jan 18, 2024 02:47PM ET
By Mimosa Spencer
PARIS (Reuters) -LVMH veteran executive Michael Burke has been appointed chairman and chief executive of LVMH Fashion Group, overseeing the luxury goods group's fashion labels, it said on Thursday.
Burke - chairman and CEO Bernard Arnault's longest-serving lieutenant - replaces long-time Fashion Group head Sidney Toledano, who was named advisor to Arnault and will exit the company's executive committee.
Burke, 66, was CEO of LVMH's biggest label Louis Vuitton until a year ago, headed labels Fendi and Bulgari and served as chairman of the board of Tiffany, LVMH's largest acquisition.
"I am a great believer in long-term vision," Burke, noting he has worked with Arnault for 40 years, said in Thursday's statement.
One of the fashion industry's most influential executives, Burke oversaw soaring growth at Louis Vuitton, the world's largest luxury label. He will now oversee Celine, Givenchy, Kenzo, Loewe, Marc Jacobs, Patou, Emilio Pucci and Fendi.
Burke was also a mentor to Arnault's daughter Delphine Arnault, 48, currently head of Dior.
All of Arnault's children hold top management positions at LVMH, each closely watched for signs one of them could eventually succeed Bernard Arnault, who has not signalled plans to step down any time soon.
Frederic Arnault, 29, was promoted to the role of chief executive of LVMH Watches earlier this month.
Toledano, who also headed LVMH's second-largest label Dior for 20 years, will remain involved in the French fashion industry as a member of the executive committee of the sector's Federation de la Haute Couture et de la Mode and board member of French luxury lobby group Comite Colbert.
The appointments are effective Feb. 1.
Get The News You Want
Written By: Reuters
Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.