Bernard Arnault (LVMH) appoints his son Frédéric as Managing Director of Financière Agache

The French billionaire Bernard Arnault, Chairman and CEO of Moët Hennessy Louis Vuitton (LVMH), has appointed his 28-year-old son, Frédéric Arnault, as Managing Director of the holding company Financière Agache, replacing Nicolas Bazire.

Last January, Frédéric was elected the new CEO of LVMH Watches, where he is in charge of brands such as Hublot, TAG Heuer, and Zenith. The company detailed in a statement that he would report directly to Stéphane Bianchi, CEO of the watch and jewelry division.

Both he and his brother Alexandre were appointed as members of the LVMH Board of Directors in April, joining their older siblings Delphine and Antoine.

The Arnault family owns 48% of the capital of LVMH and 64% of its voting rights. The group is listed in Paris and owns brands such as Dior and the American jeweler Tiffany.