LVMH ANNOUNCES MAJOR EXECUTIVE RESHUFFLE
Fendi’s Pietro Beccari will head to Dior as chief executive while outgoing Dior chief executive Sidney Toledano will now lead the LVMH Fashion Group replacing Pierre-Yves Roussel, who is transitioning into a special advisor role.
oday’s game of musical chairs does not involve fashion designers, but rather the business minds leading the commercial charge.
In what is perhaps the greatest executive reshuffle to occur in the industry in some time, LVMH has announced that Pierre-Yves Roussel, chairman and chief executive of the LVMH Fashion Group, will transition into the role of special advisor to LVMH chairman and chief executive Bernard Arnault, effective January 2018. Current Christian Dior Couture chief executive Sidney Toledano will replace Roussel as chairman of the LVMH Fashion Group, while Fendi chief executive Pietro Beccari will head to Dior as chief executive. A successor for Beccari, who has led Fendi since 2012, has not yet been named.
In due time, Roussel will assume “new operational responsibilities” within the LMVH executive committee, of which he has been a member for 14 years, although the details of his new role have yet to be disclosed.
According to Arnault, Beccari’s appointment signals “a new era” at the house of Dior, which was integrated into the LVMH group earlier this year through a two-part deal worth $13 billion dollars. “Having been an integral member of our group for twelve years, Pietro has an excellent track record,” he said, citing Beccari’s work as marketing director of Louis Vuitton and the growth experienced by Fendi during his tenure. “He will be an excellent leader who will steer Dior towards ever greater success in the future.”F