PUCK NEWS
Arnault Country for Old Men
At LVMH, a series of anticipated executive shuffles may suggest the latest contours of a succession strategy. At the very least, it’s got the industry kremlinologists taking notice.
December 1, 2025
Everyone keeps asking me how it’s going with Jonathan Anderson at Dior. And I keep answering that it’s hard to tell thus far. It’s been six months. Very little of the product is in stores, and very early indicators suggest that Q4 luxury retail results will be soft in the U.S., where it seems like everyone is buying Gap pajamas and skincare. Then there are Anderson’s natural growing pains as he ascends from Loewe, which he transformed into a platform for his own unique talent, to a truly historic and code-driven brand—not to mention decidedly commercial—like Dior.
Of course, there will be customer attrition at his Dior, at least at first: On the women’s side,
Maria Grazia Chiuri’s devoted clientele will migrate with her to Fendi; and
somewhere on the men’s side, too. (There is a group of GLP-1-avoidant menswear customers who really love
Kim Jones’s
figure–
flattering styles.) I’m confident that the Bar jacket in a Donegal tweed, which Anderson showed prominently during men’s pre-fall, can become a coveted, high-ticket item.
Overall, though, I’ve heard mixed things from clients: Some are charmed, others feel that everything Anderson is offering—the slim chinos, deliberately tacky belts, worn jeans—can be found elsewhere, and continue to take a more hesitant, wait-and-see approach.
If Anderson is creating the best version of standards, they will sell. (I like the branded sweats a lot.)
And that seems to be part of a strategy that is less concerned with the old ways of luxury—buying for the hype and the sake of buying—and more interested in tiny, beautiful things.
Anderson’s recent Instagram posts featured pages of jewelry and material details, which may appeal to a different kind of customer.
While Anderson’s success is going to rely heavily on support in China, it’s important to remember that there are dozens of different consumer segments within the region. The old customers may leave, but there are, hypothetically, ample new ones to replace them.
At least that’s the plan, but it underscores my own hesitancy to render a preemptive verdict. When I know more, you will know.
Meanwhile, I’m currently more interested in the movement at the LVMH group level, where questions abound about the ever-deliberated standing of some of
Bernard Arnault’s longtime, near-retired deputies. What do their current and future deployments indicate about the long-term management of the company? And, of course, what does all this mean for the next generation? After all, LVMH shares are creeping back upward after a severe dip earlier this year, with support from analysts who have, for the most part, rated it outperform.