LVMH shareholders have today voted to allow Bernard Arnault, 76, to remain at the helm of the world’s largest luxury group until he is 85.
The shareholders approved a change to company bylaws that raises the maximum age of its chairman and chief executive officer from 80 in a resolution that passed with 99.18% of the vote.
The maximum age was already increased from 75 in 2022.
Arnault, who is CEO, chairman and – along with his family – controlling shareholder of LVMH, built his sprawling empire spanning fashion houses, hotels and cognac through acquisitions.
Chairman of the company since 1989, the tycoon has not publicly named a successor. Every high-level management change is highly scrutinised, kicking off a fresh round of speculation over which of his five children might succeed him.
All of Arnault’s children hold top management positions in the group. The eldest, Delphine, 50, and Antoine, 47, are children from his first marriage.
Alexandre, 33, Frederic, 30, and Jean, 26, are children of the luxury executive’s current wife, Helene Mercier.
Meanwhile, Bernard Arnault said today that if the US and the European Union did not find a solution on tariffs, it would be Brussels’ fault.
“If Europe is not able to negotiate intelligently, there will be consequences for a lot of companies,” Arnault said. “It will be Brussels’ fault” if trade talks do not result in a satisfying resolution, he added.
Arnault, speaking at the group’s annual meeting to shareholders, added that free trade with the US and trust in trade must be restored.
LVMH, the world’s largest luxury group by sales, makes around a quarter of its revenue in the US.
Arnault earlier this year praised US President Donald Trump, whose inauguration he attended, for boosting economic growth and entrepreneurship.
Since then, LVMH’s shares have fallen by 36%, dragged down by investor fears over Trump’s trade policies and a possible recession in the US.
