LVMH announces key leadership changes, impacting its strategic direction.
- Alexandre Arnault transitions to deputy CEO of the wines and spirits division.
- Jean-Jacques Guiony becomes CEO and president of Moët Hennessy.
- Cécile Cabanis named as the new CFO of LVMH.
- LVMH’s financial performance shows mixed results amid a luxury market slowdown.
In a significant leadership reshuffle, LVMH has appointed Alexandre Arnault, currently executive vice president at Tiffany, as deputy CEO of its wines and spirits division. This appointment is part of LVMH’s strategic efforts to streamline its executive team and strengthen its business operations.
Jean-Jacques Guiony, who has been with LVMH since 2003, will assume the role of CEO and president of Moët Hennessy. He replaces Philippe Schaus, who is shifting focus to non-executive roles after 21 years at the company. Guiony’s experience as deputy finance director and CFO positions him well to lead LVMH’s wines and spirits division.
As part of this restructuring, Cécile Cabanis will take over as CFO, succeeding Guiony. Her promotion from deputy finance director reflects the group’s confidence in her capabilities to manage its financial strategy during challenging times.
Charles Delapalme, having served as managing director since 2018, has been appointed CEO of Hennessy, succeeding Laurent Boillot, whose future role in the company will be announced later.
Attention is also on Guillaume Motte, president and CEO of Sephora, who joins the LVMH executive committee effective 1 January 2025, indicating the group’s focus on diverse leadership.
Despite these leadership changes, LVMH faces a challenging market. The company reported a slight revenue decrease for the first half of 2024, down 1% year-on-year to €41.7 billion. Meanwhile, profit from recurring operations fell 8% to €10.6 billion. However, there was slight growth in fashion, leather goods, perfumes, cosmetics, and selective retailing, indicating potential recovery areas. The watches and jewellery, and wine and spirits categories experienced declines, highlighting areas for strategic focus.
The luxury market shows signs of slowing, impacting key divisions within LVMH. As Alexandre Arnault steps into his new role, the focus will be on navigating these challenges and leveraging opportunities for growth in the wines and spirits sector.
These leadership changes at LVMH signal a strategic effort to adapt to the evolving luxury market landscape.
