Management of Tiffany & Co. has been transferred to the watches and jewelery department of French luxury conglomerate Louis Vuitton Moët Hennessy (LVMH).
LVMH purchased Tiffany & Co. in early 2021 in a $US15.8 billion deal and in the two years following the finalization of the deal an integration period has been undertaken.
During that time Tiffany & Co. operated as an independent business reporting to LVMH chairman Bernard Arnault.
From February onwards the brand will now report to LVMH’s watches and jewelery division, led by CEO Stéphane Bianchi. Bianchi has held the position since 2020, overseeing the management of brands such as Hublot, TAG Heuer, Zenith, Chaumet, and Bulgari.
“The inclusion of Tiffany in the watches and jewelry division is a natural step following the company’s successful integration within the LVMH group,” Arnault said.
“Stéphane Bianchi’s leadership skills, his understanding of products and markets, and his organizational acumen have enabled the maisons [brands] in the division to achieve remarkable results under his management.
Pietro Beccari has been named CEO of LVMH’s flagship brand Louis Vuitton after spending four years serving as CEO of Dior, the conglomerate’s second-largest brand.
Replacing Beccari is the daughter of LVMH chairman, 47-year-old Delphine Arnault.
Head of luxury goods equity research at Citi, Thomas Chauvet, told the The New York Times that these leadership changes were in line with LVMH’s historically successful approach.
“Succession planning in strategic roles has been instrumental to the success of LVMH’s key brands over the past 20 years, hence today’s moves are significant,” he said.
LVMH is expected to publish full-year fiscal results for 2022 within the next month. In the first three quarters the conglomerate recorded revenue exceeding $US55.1 billion.
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