CEO Arnault’s daughter to join LVMH board

LVMH Moët Hennessy Louis Vuitton SA said Thursday that the daughter of chief executive Bernard Arnault will join the board of directors, making the world’s biggest luxury goods maker even more of a family affair, The Associated Press reports.

Delphine Arnault, 28, is to take her place in the boardroom formally after a vote at the annual shareholders’ meeting next year, the company said. Her 83-year-old grandfather, Jean Arnault, also sits on the 16-member board.

A spokesman at LVMH reportedly said the move reflected the level of control that the Arnault family’s holding company has.

Groupe Arnault has a 69% stake in Christian Dior, which in turn owns 42.5% of LVMH. Groupe Arnault also has a direct stake in LVMH of about 5%. Though below 50%, the Arnault family holdings in LVMH carry nearly two-thirds of the voting rights.

After studies that included a spell at the London School of Economics, Delphine Arnault worked as a junior consultant at McKinsey & Co. for two years.

She then joined Dior designer John Galliano’s own fashion house. Last year she was named to the board of Loewe, the Spanish leather goods unit of LVMH.

LVMH also said the outgoing chairman of bank Credit Lyonnais, Jean Peyrelevade, will leave the luxury titan’s board next year, ending a nine-year term on the board.