In-Depth | A Three-Way Choice? The Battle to Succeed the LV Parent Company
The Real Potential Successors to LVMH Have Narrowed to Three
Author | Drizzie
LVMH’s owner appears not to have finalized the succession plan for the luxury giant.
According to Fashion Business Express, after a major executive shake-up last November, the world’s largest luxury group LVMH announced three more senior management moves yesterday, drawing widespread industry attention.
- Damien Bertrand, currently CEO of Loro Piana, will join Louis Vuitton (LV) as Deputy CEO.
- Frédéric Arnault, Bernard Arnault’s third son, will leave LVMH’s Watches division to become CEO of Loro Piana—his first post in the Fashion & Leather Goods division.
- Pierre-Emmanuel Angeloglou, currently Fendi CEO, will transfer to Dior as Deputy CEO, reporting to the eldest daughter Delphine Arnault.
All three play key roles in today’s LVMH empire. These transfers spotlight two core issues for the global luxury behemoth in a downturn:
- safeguarding performance at the core brands LV and Dior, and
- the succession question.
Damien Bertrand is one of the most sought-after FMCG-trained executives in luxury, with 18+ years at L’Oréal and service as Managing Director of Dior’s fashion division from 2016–2021.
Since 2021, under Damien Bertrand’s leadership, Loro Piana benefited from the quiet luxury wave, becoming one of LVMH’s best-performing brands. On the FY2023 earnings call, Bernard Arnault remarked that Loro Piana’s growth rate seemed “a bit too high” to him.
Loro Piana has ridden the quiet-luxury trend to become one of LVMH’s strongest brands.
Damien Bertrand’s move from Loro Piana to the core brand LV is both a recognition of his results and a signal of LVMH’s intent to further fortify core brands.
As the group’s most important brand, LV already saw a leadership change in January 2023, when then-Dior CEO Pietro Beccari became LV CEO, succeeding veteran Michael Burke. Delphine Arnault, then EVP at LV, moved to Dior as CEO.
Damien Bertrand’s joining LV implies close collaboration with Pietro Beccari, the two having worked together at Dior. HSBC estimates that after Beccari joined Dior in 2018, the brand’s sales quadrupled to nearly €9 billion by 2022—with Bertrand’s contribution part of that story.
LV has not been immune to the global luxury cooldown. LVMH FY2024 revenue fell 2% to €84.7bn, with organic growth +1%. In Q4, revenue rose 1% to €23.9bn.
The “flat-ish” results were achieved with LV pulling the group upward. Fashion & Leather Goods account for ~half of revenue and nearly three-quarters of profit, with LV and Dior dominating that division.
Today, LV remains the flagbearer with positive but not robust growth; Dior has plateaued; second-tier brands and other divisions have become a drag. For the 76-year-old Bernard Arnault, making LV even stronger is priority No. 1.
The second priority is reviving Dior, Arnault’s personal favorite. After quadrupling sales in four years, Dior has plateaued over the past two. CFO Jean-Jacques Guiony said on both H1 and FY calls last year that LV slightly outperformed the division average, while Dior was slightly below.
Revitalizing Dior is the succession assignment set for Delphine Arnault. Her progress seems slower than expected: after taking office in 2023, her first major move arrived only in September 2024, when she poached Miu Miu CEO Benedetta Petruzzo to be Dior Managing Director, causing a stir.
Reviving Dior is Delphine Arnault’s succession test.
Petruzzo’s arrival helps Delphine restructure Dior’s organization, with cost reduction and efficiency underway in the mid-management layer. Industry voices still judge the overhaul slower than expected. Meanwhile, under a year of intense market chatter, Dior’s creative director changes remain unresolved: Kim Jones (menswear, 8 years) has announced his departure; Maria Grazia Chiuri (womenswear, 9 years) has an uncertain future.
Bringing Pierre-Emmanuel Angeloglou to Dior as Deputy CEO appears aimed at strengthening the new management team and accelerating reforms—also bolstering Delphine’s credentials as a potential successor.
To break the €10bn barrier and beyond—an achievement few brands have managed—Dior needs a creative reboot by changing creative directors and reigniting the creative engine. The challenge is to scale while safeguarding Dior’s haute couture stature and authority in ready-to-wear—a key difference from LV.
Compared with Delphine’s KPIs, the assignments for brothers Alexandre Arnault and Frédéric Arnault look easier.
In 2017, Frédéric joined TAG Heuer to lead smartwatches—then the only sibling in Watches & Jewelry. Appointed TAG Heuer CEO in 2020, he kept a low profile until 2023, when personal rumors with BLACKPINK’s Lisa drew media attention.
Before that, Alexandre drew more media limelight as a popular successor candidate.
As Rimowa CEO in 2017, at 25, Alexandre led a youth-focused turnaround. He brought his marketing flair to Tiffany, the U.S. jeweler acquired in 2021 for $16.2bn, joining as EVP and moving from Paris to New York.
From Rimowa to Tiffany, Alexandre Arnault was long the media’s favorite successor candidate.
Under his watch, Tiffany opened the Fifth Avenue flagship, launched Knot and Lock collections, and rolled out collaborations with Pharrell and ROSÉ. But hard luxury moves slowly; Tiffany hasn’t yet shifted LVMH’s overall position in high jewelry. As Bernard Arnault put it, Tiffany is a “sleeping beauty.” FY2023 operating profit was 3× pre-acquisition, though the market still awaits more data.
With Alexandre far from Paris HQ, concerns arose he was being marginalized in the succession race. But in November last year, Bernard Arnault abruptly reassigned him as Deputy CEO of Wines & Spirits, while retiring ex-CFO Jean-Jacques Guiony became the division’s CEO.
The reshuffle reflects Wines & Spirits being the group’s weakest performer. From the challenging Tiffany to W&S, Alexandre’s tests have grown tougher.
Some see the move as a signal of succession potential, bringing Alexandre back to Paris, making him the only child with roles in more than two divisions—evidence of longer-term expectations. Even without standout results, his succession track appears methodical.
His main rival, Frédéric, soon caught up.
In January 2024, Frédéric became CEO of LVMH Watches, overseeing Hublot, TAG Heuer, and Zenith. Just one year later, the transfer to Loro Piana marks his first role in Fashion & Leather Goods, expanding experience to two divisions.
His mentor Stéphane Bianchi, whom he has followed since TAG Heuer, was promoted in March last year to Group Managing Director and Executive Committee Chair, succeeding Toni Belloni (70)—a guide arranged for Frédéric, arguably.
Despite smooth promotions, Frédéric lacks hard performance evidence. Under his leadership, TAG Heuer’s comeback has been muted, with sales and profitability concerns. According to the Morgan Stanley × LuxeConsult annual rankings, as brands like Vacheron Constantin and Breitling gained share, TAG Heuer fell from #8 in 2018 to #13 in 2022, and to #15 in 2024.
Frédéric’s biggest feat may be driving LVMH to replace Rolex as F1’s strategic partner in a 10-year deal. Reports say Rolex paid ~$50m/year; LVMH raised sponsorship to $150m, 3× Rolex’s price.
Frédéric Arnault’s marquee achievement may be securing LVMH’s decade-long partnership with F1.
Overall, while all five Arnault children now hold key posts, the realistic successor pool has narrowed to three: Delphine, Alexandre, and Frédéric.
Eldest son Antoine Arnault stands outside the core power circle, overseeing Image & Communications, chairing Loro Piana, and serving as CEO of the family holding Dior SE. He played a major role in LVMH’s €150m Paris Olympics sponsorship, which has sparked ROI concerns.
The youngest, Jean Arnault (27), is Marketing & Product Development Director for LV Watches, and the only child not on the Group Board.
Delphine—deeply involved in fashion design networks, founder of the LVMH Prize, and long-tenured at LV and Dior—contrasts with Alexandre and Frédéric, who rotate quickly across divisions and benefit from social-media era visibility.
Yet, whether merit or effort, none of the three has delivered decisive proof—or shown Bernard Arnault’s ruthless edge. The field remains murky, and the latest reshuffles confirm no final decision has been made.
This inevitably raises questions about the feasibility of family succession at the helm of the world’s largest luxury group. The cooperation and contest between heirs and career managers will be a long-running theme: heirs cannot operate without professional support, yet professionals will always be kept outside the core commercial power.
Across the Atlantic, Estée Lauder has taken a key step toward de-familization: third-generation heirs Jane Lauder and William Lauder fully exited operations last November.
Having grown up under the shadow of his father Leonard Lauder, William realized as early as 2009 that decisions were constrained by family dynamics, leaving him powerless as No. 1. He concluded it was necessary to bring in external managers as intermediaries.
At L’Oréal, the Bettencourt family—major shareholders—had long stepped back from operations to focus on family office investments, backing brands like Sézane (France) and The Row (U.S.).
Reuters reported today that Bernard Arnault (76) intends to raise the maximum age for the Chairman & CEO role from 80 to 85. If shareholders approve at the AGM on April 17, he would stay in charge until 2034.
Experience continues to prove: expecting children under constant “horse race” pressure to replicate their father’s mettle is unrealistic.
Chanel’s $91 Billion Family Office Changes Hands: A 38-Year-Old Heir Steps Up
Chanel is among the world’s most iconic luxury brands. Its success has brought vast wealth to the Wertheimer family. Owning 100% of Chanel, the family’s fortune stood at ~$91bn as of September 2025.
Chanel’s current guardians—Alain Wertheimer (Chairman) and his brother Gérard Wertheimer—each hold 50%; both are worth ~$44.5bn.
Signs point to a major shift: Arthur Heilbronn, with deep family ties and standout credentials, is rapidly rising within the family office Mousse Partners, moving toward the core of family wealth control.
The New Helmsman
Arthur Heilbronn (38) embodies the traits of a “multi-generational wealth manager in the making”: deep lineage, Ivy League degree, Wall Street experience.
Since joining the ultra-discreet and well-capitalized Mousse Partners in 2019, he has held key management roles, overseeing investments across real estate, banking, and media. With a Harvard Business School background and Goldman Sachs experience, he is seen as capable of steering the family’s wealth through complex markets.
Filings show that earlier this year, he joined the board of a core Mousse holding company, filling the seat vacated by longtime Chanel executive Michael Rena, who passed away.
Arthur Heilbronn
This appointment marks a career inflection point for Heilbronn—signaling rising influence and a thoughtful succession plan, pairing him with seasoned professionals to ensure smooth transition as the elder generation retreats.
Arthur is the son of Charles Heilbronn, Mousse’s founder and chairman since 1991, who is the half-brother of Alain and Gérard (same mother).
The Wertheimers—grandsons of Coco Chanel’s original business partner—have run the empire since the 1990s. Their mother Eliane Heilbronn, long considered the family’s matriarch, passed away last year.
According to LinkedIn, Arthur joined Mousse as a Director in 2019, later becoming Managing Director. He now co-heads direct PE and venture investments with Paul Yun. In 2023, during Mousse’s high-profile take-private of Rothschild & Co alongside two other families, he was appointed to the Supervisory Board.
As Arthur steps forward, he carries a dual mandate: drive innovation and sustain family legacy—a twin challenge faced by many great-house heirs.
The Family Office Giant: Mousse Partners
Per Bloomberg Billionaires Index, Alain and Gérard each hold ~$45.5bn. While post-pandemic slowdown hit LVMH (Arnault) and Kering (Pinault), Chanel and the family’s fortune have remained resilient.
Chanel’s ultimate parent is Mousse Investments (Cayman), which does not disclose financials. Mousse Partners, under Mousse Investments, manages family wealth with offices in New York, Beijing, and Hong Kong.
Backed by a high-caliber team, Mousse invests across equities, real estate, credit, and private equity with a long-term, sustainable approach. It employs 30+ staff, including ex-analysts from JPMorgan and Wells Fargo. CIO Suzi Kwon Cohen (ex-GIC North America PE head) joined nearly a decade ago, one of the top female executives in a male-dominated space.
Mousse emphasizes deep, collaborative relationships—partnering with select external managers while also co-investing directly with quality management teams, entrepreneurs, and institutions.
Over the years, Mousse backed startups like Brightside Health (mental health), Brandtech Group (digital advertising), Evolved by Nature (biotech), Harmless Harvest (food), and Thirty Madison (health). Last year, Mousse joined the L’Oréal heiress in investing in The Row. Not all bets succeeded: Beautycounter collapsed last year; listed holdings Netgem (~8%) and Olaplex (5.7%) have struggled post-IPO.
The family also invests in media via Media-Participations (books, professional media, animation, comics). Insiders call Mousse “a private endowment for a luxury empire”—its edge lies not in size but in time: dividend-fed patience across cycles.
Though independent of Chanel’s daily operations, the family office’s financial muscle and the brand’s enduring legend are tightly linked. Both maintain offices on Manhattan’s “Billionaires’ Row,” known for sky-high rents and heavyweight tenants; Alain and Heilbronn are regulars there.
“The Quietest Family in Fashion”
To the public, Chanel evokes Coco Chanel or “Kaiser” Karl Lagerfeld. The Wertheimers, who truly control the brand, keep a low profile, letting the brand speak.
A historic Jewish family with roots back to medieval Germany, their lineage rivals the Rothschilds. Alain and Gérard each own 50% since inheriting from their father Jacques in 1996, successfully achieving wealth succession. The family is now in its fourth generation:
- Alain’s children: Sarah, Nathaniel, Raphael
- Gérard’s children: Olivia, David
David, an investor, helped manage Mirabaud AM’s Lifestyle Impact & Innovation fund, and in 2023 founded 1686 Partners in Luxembourg, raising $110m+, focused on fashion & lifestyle PE, with teams in Europe and Asia.
Initially discreet, 1686’s first three investments were Fusalp (skiwear), The 1916 Company (pre-owned watches), and Syrup (AI inventory and demand-forecasting). In 2025, with a new website and social accounts, it stepped into the open; David An (formerly Sequoia China, consumer/fashion/sports) joined as Head of Investments in January.
The portfolio now spans fashion, beauty, eyewear, jewelry, watches, sport, fine dining, plus art groups, labels, secondary platforms, and SaaS—e.g., MSCHF (NY art collective), SATISFY (performance running), EADEM (inclusive beauty), AHLEM (eyewear), THEBLACKLABEL (K-label), Triple Sea Food (Italy fine dining).
In a fast-shifting luxury market, preferences pivot quickly. Beyond Chanel, heir David is quietly building a “mini-LVMH” via private equity.
Bloomberg estimates ~20% of the Global 500 richest run family offices, managing $4T+. A UBS survey of 317 clients found only just over half have succession plans—U.S. and Southeast Asia most active.
Observers say the rise of Mousse Partners marks a structural shift in wealth management. As uncertainty rises, UHNW families favor longer horizons. Mousse’s playbook—patience, diversification, disciplined succession—offers a resilient blueprint for the ultra-rich.
Family Case Study | Walmart Family Trust in Motion: $249M Trim + 45,000 Shares Gifted to a Beneficiary
A recent SEC filing shows the Walton Family Holdings Trust sold 2.58 million Walmart shares in three days, raising about $249 million. Notably, beyond the sale, the trust gratuitously distributed 45,000 shares to a family member.
This is not a simple disposal, but a seamless display of the Walton family trust mechanism. Using this real case, we explore how the Waltons govern the world’s largest retailer via trust structures, offering a sustainable succession governance sample.
01 Global Retail No.1, Backed by a Trust Network
Founded in 1962 in Bentonville, Arkansas, Walmart now boasts a market cap of $770bn+, still firmly controlled by Sam Walton’s descendants, and has paid dividends for 30 straight years.
The key to the family’s grip on governance—without meddling in daily ops—lies in trust and corporate structures:
- Walton Enterprises, LLC (1953) – the main family holding platform
- Walton Family Holdings Trust (2015) – the core family trust vehicle
(Simplified) Trust Structure
Trustees: multi-generational family members + professionals
Beneficiaries: primarily 3rd generation and beyond
Purposes: long-term shareholding, distributions to members, philanthropy, tax planning
Together, the Waltons control >48% of Walmart.
02 What Do the $249M Sale and 45,000-Share Transfer Signal?
Per the latest May SEC disclosure:
- May 21–23: the trust sold 2.58m shares for ~$248.9m;
- Simultaneously, the trust gifted 45,000 shares to a beneficiary;
- Post-transaction, the trust still held 571,739,478 shares—control intact.
This shows three functions of a mature family trust:
- Dynamic asset allocation: monetize some stock based on market timing;
- Intergenerational distribution: transfer shares to heirs without consideration;
- Preserve core control: even after sales, the trust’s stake remains robust.
Why sell if control matters? It’s a balancing act: regularly selling tranches and pacing buybacks avoids the appearance of over-concentration, reassuring outside investors. Sales also free liquidity to:
- fund family office operations;
- endow charities via the family foundation;
- support next-gen education, entrepreneurship, philanthropy.
In 2020, the Waltons moved 14% of Walmart shares (~$48.6bn) into WFHT to maintain governance flexibility and fund the family foundation.
03 Handing Over Power and Benefits: How Does the Next Generation Step Up?
Walmart’s governance is no longer simple father-to-son succession; it’s a relay via institutionalized trusts.
The 45,000-share gift exemplifies equity transmission through the trust. In late 2024, the family restructured Walton Enterprises, transferring management rights to four irrevocable trusts overseen by Sam Walton’s descendants—widely seen as a shift into third-generation succession.
WFHT trustees expanded from 3 to 11, all children and grandchildren. They co-vote and require consensus on major decisions, minimizing internal conflict while training younger heirs in governance.
Unlike many Chinese families that still equate “succession” with “handing over the throne,” the Waltons follow modern governance logic—institutionalizing intergenerational responsibility rather than relying on individual will.
In U.S. practice, family trusts are not just asset vehicles but governance institutions.
04 Takeaways: What “Trust Thinking” Do Chinese Family Businesses Need?
Over 70 years, the Waltons show that longevity depends less on share price or profits than on quietly completing an intergenerational handoff of institutions.
China’s 55+ million private firms are entering founder-exit phases, but few complete parallel upgrades in governance and equity.
Lessons from the Waltons:
- Treat the trust as an institution, not a mere safe: deconstruct and re-align power, responsibility, and interests to prevent generational imbalances.
- Plan early, not last-minute: founders built Walton Enterprises late in life; Gen-2 created trust platforms to bring Gen-3 in.
- Engage the young early: involve them through trusts in discussion and oversight, transforming “heirs” into co-responsible stewards.
- Use philanthropic trusts to amplify reputation: WFHT channels part of returns to philanthropy; the Waltons routinely rank among Forbes’ most generous families.
As Chinese family firms enter G2 and G3 eras—are you ready?
- Does your family face dispersed equity + fuzzy governance?
- Are current succession arrangements sufficiently institutionalized?
- How to set up a trust that preserves control yet enables distribution?
- Under China’s legal regime, are offshore trusts a better path?
