LVMH - The Luxury Goods Conglomerate

[LadyJunon]

^^^No offense, but where was the high fashion in Maria's Dior? Usually, high fashion implies something directional and forward-facing. Her Dior, meanwhile, was all very straight-to-retail on all levels.

 

[Kanzai]

Bringing revenue/brand scale into fashion conversation on a fashion forum is weird lol. I mean do Armani, Yohji, Tom Ford, Gaultier and many other respected designers have sh*t taste because they admire Galliano's DrAg QuEEn fashion? Even sly guys like Domenico Dolce and Stefano Gabbana said that John is an exceptional talent and they are inspired by him. Idk man, sometimes we shouldn’t bring our personal taste into the conversations.

 

[DK92]

 

[Lola701]

I don’t know how I should look at this because those are reports and nothing has been announced by the Arnault but I take it with a grain of salt.
Fenty Beauty is probably one of their most successful beauty brand currently.

So it’s an asset in their portfolio and the sale of the brand could also made them a lot of money.

It’s also maybe time for Rihanna and LVMH to push the brand as a real beauty brand and not as a by-product of the popularity of a celebrity.

She is relatable ok but it’s maybe time for her to step back in terms of communication. Push models in the forefront, sponsor events around beauty, provide products for professional during fashion weeks (beauty is a huge expense particularly for young designers).

LVMH would copy Chanel and Hermes anytime but maybe should also start to copy L’Oreal too. And maybe be more brave.

They cashed a lot thanks to popularity and celebrity, now they have to put in the work.

 

[Nimsay]

The new Louis Vuitton men’s ski collection is absolutely fantastic. I also noticed a real price correction - $1,700 for a cashmere or intricately worked wool sweater feels surprisingly reasonable. The highest prices are reserved for the most covetable pieces - the miroir bags and the fur outerwear.

Honestly, $6k coats aren’t outrageous for European-made designer ready-to-wear built to last. To me, this collection signals LV’s renewed commitment to its clients - a brilliant lineup, firing on all cylinders, filled with luxurious details and smart, assertive pricing. There’s really nothing wrong here, just a lot of pieces that aren’t to my taste.

I picked up some of the ski looks - the ski suit, a jacket, and a couple of pants were absolute musts. No one does men’s skiwear like this. It’s usually either Arc’teryx or Moncler, but Vuitton brought real glamour to it. I skipped the sweaters, though - they are a bit too monogrammed for me.

Looking at the pre collection I also see a the LV Homme vision. Its bell bottoms and blouson with crisp shirting and super fine details. The pre collection is far more aligned with how I dress than the collegiate Fall collection which offered like 2 options for me.

 

[Nimsay]

LV Homme is possibly the most important label in the world.

That new Spring Pre Collection advertisement is dead on the new relevant energy. Young guys in suits with modern updates like the puffer posing with puppies in what looks like a Neo Classical backdrop. Parfait.


This is what people want now.

LV Homme is unquestionably the most relevant menswear brand in the world. Even Chanel is catching up to the new look.

 

[PDFSD]

Puck news​

LVMH Bits and Bobs​

I got a lot of feedback about Monday’s story detailing some of the machinations at LVMH in the U.S. Back in Paris, people are still confused about what is happening at the Fashion Group, where Sidney Toledano was reinstalled as C.E.O. Everyone knows it’s not a permanent solution, but who could be headed there?
This is a conversation we’ve been having for literal years, although I am told that things will move soon. (The choice of who goes there will likely affect other parts of the business, as there is a chance a brand C.E.O. will be moved into the role.) There also may be some changes on the executive committee next year, too, so perhaps the waiting-and-seeing portion of this is almost over.
Meanwhile, there was a report in La Lettre that Bernard Arnault talked to Kering reformer Luca de Meo about a job in the months leading up to his Kering deal, but that some of the Arnault kids were against him joining and therefore LVMH missed out. While my high-level sourcing indicates that Arnault did indeed meet with de Meo, there was less drama than reported, if any. In the simplest terms, no LVMH job was ever offered, and given de Meo’s compensation package at Kering—which is not aligned with how LVMH C.E.O.s are paid—it’s unlikely he would have seriously entertained the opportunity anyway.


PUCK NEWS / Monday’s story

Michael Burke’s Patriot Act​

Back from the brink of retirement, Michael Burke, LVMH’s newish North American C.E.O., has been tasked with lifting a market that’s been one of the luxury conglomerate’s few bright spots in recent years. Luckily, the role befits an executive who seems happiest when there’s competition or the need for change.

Unsurprisingly, there were significant changes in the executive ranks at Tiffany and LVMH U.S. basically in sync with Burke’s arrival. Photo: Rindoff/Le Segretain/Getty Images for Louis Vuitton
November 10, 2025
Just two years ago, former Louis Vuitton C.E.O. Michael Burke’s future at LVMH seemed uncertain. A devout steward of Bernard Arnault’s vision who first started working for him in the mid-1980s, Burke had been given a seemingly pre-retirement post running the Fashion Group in 2023. Curiously, however, he was removed (or removed himself) almost as soon as he’d been appointed. His predecessor, the semi-sunsetted teddy bear and fellow longtime LVMH stalwart Sidney Toledano, returned to the gig in an odd series of events that were never clearly explained externally.
And yet, Burke made it clear to plenty of people that he wasn’t actually going away. He claimed to still have Arnault’s ear, and hinted at larger plans. Naturally, some senior members of the organization had their doubts, and Burke didn’t exactly assuage them. During his brief time in the wilderness, Burke shuffled around the shows in a grey cashmere Berluti zip-up hoodie, forgoing the typical navy suit donned by LVMH senior executives—which was especially notable for one with such a bulldog reputation attempting to foreshadow a grand return to the inner sanctum.
Of course, Burke’s assurances turned out to have merit. In July, Arnault named him chairman and C.E.O. of LVMH Americas (although it’s unclear whether moving to the U.S. was part of the original plan). With the appointment, Burke was given arguably the most important mission of his career: to transform the U.S. business from a second-fiddle subsidiary with a history of mismatched acquisitions to an organization that runs as efficiently and powerfully as the mothership in Paris. In many ways, it’s the perfect task for Burke, who seems happiest when there is competition or the need for change. And since his arrival in early September, there has been plenty of both.

---

Coming to America​

Burke was transposed to the U.S. at an inflection point for the Arnault empire. The public markets began to turn against LVMH in the autumn of 2023. This summer, struggling with the China market, the company missed analyst estimates. Meanwhile, there have been bright spots in the U.S. business—namely Louis Vuitton’s success in the region during Covid, and the acquisition of Tiffany, which was ultimately worth the $15.8 billion price.
Indeed, perhaps the plan all along was to fortify LVMH’s operations in the U.S. After years of investing in businesses with sometimes-tenuous connections to LVMH’s core luxury competency—Seventh Avenue fashion houses, startup beauty businesses, etcetera—the focus now is to increase the market share of its global brands, and leverage Tiffany to finally usurp Cartier as the most important jewelry brand in the world. Burke, an architect of this vision, also has relevant contacts in this market. His relationship with Trump dates back to at least the opening of a Louis Vuitton factory in Texas in 2018. (And behind the scenes, probably far longer.) He should also help with the ongoing tariff issues.
Unsurprisingly, there were significant changes in the executive ranks at Tiffany and LVMH U.S. basically in sync with Burke’s arrival. First, he was named the non-executive chairman, charged with monitoring Tiffany C.E.O. Anthony Ledru, his old Louis Vuitton employee. Gena Smith, the longtime H.R. head in the Americas and beyond—part of the controversial Chantal Gaemperle regime—left for the J.Crew Group. Otherwise, Burke has a handful of trusted voices in his ear: the Texas real estate consultant John Slavinsky (who I’m told has returned closer to the fold), as well as lawyer Dennis Ferrazzano, Arnault’s longtime confidant in the U.S., with whom B.A. is known to speak on a weekly basis. Ferrazzano probably has the best reputation of any executive connected to the company here in the U.S.
Even before Burke’s arrival, Anish Melwani, LVMH’s North American C.E.O., was already playing a bit of a figurehead role. At least some of his direct reports have been transferred to Burke, including many on the real estate side. But Melwani probably isn’t going anywhere: He manages the F1 relationship in the U.S., remains a reliable spokesperson at conferences and in the press, and launched 22 Montaigne Entertainment with Superconnector Studios to build stuff in Hollywood. (Although nothing has come of that partnership publicly…) Also, this is certainly a tough job to leave, and Burke’s own third-act revised trajectory underscores the value of loyalty within the Arnault fold.
Burke and his boss surely know that the biggest opportunity is in real estate, and not just in New York and Los Angeles, but also in growing secondary and tertiary cities like Nashville or Austin, where the wealthy are underserved. Along with the current portfolio reorganization—the inevitable offloading of Marc Jacobs, the selling of its only U.S. hotel property—there is also opportunity for expansion: The Cheval Blanc hotel can become key in tourism regions. (In 2023, plans to open a Cheval Blanc in Beverly Hills fell through under Melwani’s supervision after the company failed to persuade local voters to approve the deal, but I wouldn’t rule out another attempt.) In fact, perhaps Burke & Co. will explore new properties when they’re here for the opening of the Dior store later this week.

 

[GRCF]

France • LVMH: intelligence-gathering on French investigative news outlet revealed

LVMH: intelligence-gathering on French investigative news outlet revealed​

The French luxury giant LVMH has clearly not done with intelligence fishing in murky waters. Business intelligence firms have in recent months been asked to investigate journalists from La Lettre, a news site owned by Indigo Publications which also publishes Intelligence Online. Reporters from both publications had access to an investigation assignment order that centres on articles about LVMH published in our pages and on our journalist who covers the luxury sector, who is a co-author of this article.

Several corporate intelligence firms considered the request too imprudent to carry out, according to our sources, although it is not known whether the client ultimately found a company to carry out its intelligence gathering.

When contacted by La Lettre, LVMH formally denied any connection with the brief. "We formally refute these assertions," said its communications department, adding that it had "never commissioned an investigation targeting a journalist from your group".

The world leader in luxury goods is all the more categorical given that it signed a judicial agreement in 2021 that was supposed to settle a case for €10m, in which it had hired private investigators to investigate journalists from the leftist newspaper Fakir (IO, 14/03/25). Since then, LVMH had undertaken to no longer hire business intelligence firms, which had been common practice until then.

LVMH investigating the investigation​

Several senior executives at the firm are however struggling to hide their embarrassment. Sources told La Lettre and Intelligence Online that LVMH's own internal security services, headed by the director of administration and legal affairs, Jérôme Sibille, have been trying since September to understand why requests for investigations and incriminating files are circulating against group executives and members of the Arnault family, which controls the publicly-listed firm.

Various service providers, notably Forward Global, the risk and reputation management firm headed by Matthieu Creux, and Jean-François Rosso's Maegis Risk Management, have been called in to help understand the origin of these requests.

The assignment was circulated in May to several private investigators in London and Paris, according to our sources. It describes the client as "exposed in the luxury goods sector" and concerned that other articles "in a similar vein" in La Lettre could threaten his interests. No further details were given about the article or articles that prompted the client to commission an investigation.

Amid a series of deliberately vague and strangely worded questions, suggesting a poor translation from English, the client seeks to identify the "person primarily responsible for the recent interest" shown by La Lettre in the luxury sector and LVMH, despite the fact that its coverage began in 2022.

Another request specifically targets our journalist responsible for the luxury sector. The brief thus opens up a line of personal investigation: for what purpose did "Sophie Lecluse take an interest in this affair?", opening the door to potential information gathering aimed at identifying sources.

The assignment order also asks whether other articles targeting LVMH or its French luxury rival Kering, which is controlled by the Pinault family, would soon be published, specifying that there would be reason to take an interest in this competitor, whose market capitalisation had fallen by 30% at that time of year. The sponsor of the investigation also cites the alleged risk of interference from other competing family groups to justify these unusual measures taken against an editorial team. It also pointed potential investigators towards the possibility that La Lettre was "under the influence" of other industry players, such as Hermès or Goyard.

Internal strife​

These steps come at a time when the climate of mistrust among LVMH CEO Bernard Arnault's children has escalated, particularly between Frédéric Arnault and Alexandre Arnault, the two eldest children from his second marriage to the Canadian pianist Hélène Mercier, and Delphine Arnault and her brother Antoine Arnault, from his first marriage.

Shortly before the investigation request began circulating in May, La Lettre had published two articles on the LVMH wine and spirits subsidiary Moët Hennessy. One highlighted the poor results it expected and the other revealed a plan to gradually reduce its payroll by 10% (La Lettre, 08/04/25 and 01/05/25). This branch has been co-managed since February by Alexandre Arnault, the eldest son from the second marriage.

On 1 April, a La Lettre article entitled "LVMH: the real reasons behind Frédéric Arnault's move to Loro Piana" detailed the younger son's strategic errors and managerial inflexibility when he was head of the watchmaker Tag Heuer, another LVMH firm (LL, 01/04/25). It was Frédéric Arnault who encouraged his father to send a list of seven independent media outlets, named specifically, to his extended executive committee on 17 January 2024, which the group was prohibited from talking to (LL, 12/11/25). The publication of this internal email eight months later was widely reported in the international press (LL, 18/09/24).

Frédéric Arnault hires personal PR adviser​

Frédéric Arnault is a graduate of France's elite Polytechnique engineering school and has been CEO of Loro Piana since March. He is wary of his brothers and sister. He also harbours mistrust towards some of the group's senior executives, whom he suspects of not defending its image well enough, or even of damaging it. LVMH's director of external relations, Jean-Charles Tréhan, Antoine Arnault's right-hand man, who is himself in charge of image and the environment, is in his sights.

To best defend his own image, Frédéric Arnault approached Alexandre Benalla, President Emmanuel Macron's former bodyguard. He first met him two years ago and then rubbed shoulders with him in Geneva, where they both lived, sources say. Benalla carried out business intelligence work for him when he was head of Tag Heuer.

Contacted by Intelligence Online, Benalla confirmed that he had carried out work on an international level for Frédéric Arnault but said he had always refused to carry out the purely French missions he proposed to him. Contacted by La Lettre, Frederic Arnault's entourage said on his behalf that he had neither met nor entrusted Benalla with any mission.

Hélène Mercier's second son became close this summer to Louis Jublin, a former communications adviser to French ex-prime minister Gabriel Attal, who became chief of staff to the CEO of Mazarine Group, a communications firm dedicated to luxury goods (Glitz, 18/09/25). This was done discreetly, without referring to LVMH's central services. Frédéric Arnault then invited his brother Alexandre to meet with Jublin. The encounter took place in the company of Alexandre Arnault's wife at the high-profile L'Avenue restaurant, which is owned by LVMH. Mercier also had the opportunity to meet with the communications specialist.

The Arnault children then attempted in October to reward Jublin by finding him a position as an institutional relations adviser within the group. But Nicolas Bazire, the managing director in charge of public affairs, strongly opposed this in order to avoid internal duplication.

When contacted about this, Jublin said he was providing Frédéric Arnault with advice free of charge. To defend the image of Frédéric Arnault and his relatives, Jublin has also been in contact with several editorial offices since September to promote their positions within the group, including the need to turn around the ailing LVMH-owned newspaper Le Parisien.

A mysterious file denouncing the alleged proximity of the LVMH director of external relations, Jean-Charles Trehan, to Opus Dei circles was meanwhile sent in September to the investigative newspaper Le Canard Enchainé, which did nothing with it.

Two London firms suspected​

LVMH's security services are struggling to find formal proof of who commissioned this dossier. They are also having difficulty finding out who was sounding out private eyes to look into La Lettre, for which there is no proof that it actually led to a contract. The usual practice in this type of investigation is to go through a foreign firm which then mandates a range of subcontractors, who work without knowing the identity of the end client.

Our sources say that the French investigators approached by LVMH's counter-investigators initially believed that the mandate could have come from the London-based intelligence firm Good Governance Group (G3). Its managing director, the Frenchman Louis-David Magnien, is a former Kroll employee who was a long-time service provider to LVMH. While seeking new French clients earlier this year, he sometimes confided to his prospects that he had ongoing contracts with the luxury group.

When contacted, Magnien refused to discuss his links with LVMH or its companies, but "denied having agreed to conduct an investigation into La Lettre". For its part, LVMH's communications department said "no-one in the group or the shareholder family is familiar with the G3 firm".

Among the many subcontractors working for LVMH, the name of another British intelligence firm also comes up repeatedly: Hakluyt, whose offices are in London's upmarket Mayfair district. It presents itself as a strategic consulting firm and has a network of French subcontractors to gather first-hand information in Paris. When contacted, after attempting to find out more about the information we had, Hakluyt said it did not "comment on speculation about clients or client matters".

Who knows if any of these allegations regarding Frédéric are true or not. If they are, he is a messy B. It's always the quiet ones. Tsk tsk.

But on a slightly more serious note, and again if true, things don't look so rosy for the group the day Bernard is no longer here, if he doesn't figure out succession plans soon, at least internally. The two oldest boys seem like they might be taking a more dogged approach, likely in order to be taken more seriously. But that is partly Bernard's fault for elevating them to roles, that no one outside family owned businesses, will have so young. They will never have the respect of the people below them.

This is talked about quite often about the VP of one of my company's divisions. While he is in his late 30s, he does not have the experience that the previous people in his role has. He lacks the knowledge and it is obvious to the everyone who reports to him, none of which have any respect for him and are not shy about letting it be known. Fortunately for Alexandre and Frédéric, people will take them seriously out of fear, but we all know what happens when insecure leaders demand fear. But many people working at LMVH are there just to say they work for one of the brands under the group and that their boss is Bernard Arnault (no matter how far removed from him they are), so what their leaders are like might not matter.

 

[GRCF]

Pietro Beccari named LVMH Fashion Group CEO in addition to Louis Vuitton position

Pietro Beccari, currently chairman and CEO of Louis Vuitton, will also serve as chairman and CEO of LVMH Fashion Group, succeeding Sidney Toledano.

us.fashionnetwork.com

I'm surprised Delphine was not appointed as the CEO of the Fashion Group, it seemed like a natural move, she's the natural successor to Sidney. If Beccari can do perform two roles at once, so can she no? After all, she and Sidney have had more influence on CD hiring across the group's maisons than Beccari has. I guess it's too early to tell how Dior will perform under JWA's appointment to really get a feel for her future in the group outside of Dior.

The appointment of Bertrand to the exco seems like a signal of either him taking over LV from Beccari in the (near?) future.

 

[FashionPower]

Pietro Beccari named LVMH Fashion Group CEO in addition to Louis Vuitton position

Pietro Beccari, currently chairman and CEO of Louis Vuitton, will also serve as chairman and CEO of LVMH Fashion Group, succeeding Sidney Toledano.

us.fashionnetwork.com

I'm surprised Delphine was not appointed as the CEO of the Fashion Group, it seemed like a natural move, she's the natural successor to Sidney. If Beccari can do perform two roles at once, so can she no? After all, she and Sidney have had more influence on CD hiring across the group's maisons than Beccari has. I guess it's too early to tell how Dior will perform under JWA's appointment to really get a feel for her future in the group outside of Dior.

The appointment of Bertrand to the exco seems like a signal of either him taking over LV from Beccari in the (near?) future.

I know this may sounds controversial but in my opinion Beccari is a much better exec compared to Delphine and he has more business acumen. He's the one who made Fendi acquire even more relevancy in the fashion landscape by properly supporting Karl's vision: the grandeur fashion shows, the roman fountains restoration project, the Haute Fourrure business.
Beccari x MGC for Dior is another success case study that should be taught in business schools: they created a distinctive Dior look, introduced entry level merchandise pieces that did not jeopardize the brand elevated aesthetic: the Book totes, the Pietro Ruffo print knitwear, all the variations of the Lady Dior.
Even his gambling with Pharrell x LV is paying off: they managed to get people to spend 10k on a LV monogram leather speedy!
Delphine gives me huge nepo baby trying to fill big shoes only because her father is the owner of the conglomerate. Remember she already had two faux passes with Clare and Matthey at Givenchy and we know she's getting a third one soon cause there's no way Sarah Burton's Givenchy is going to become a hit.

 

[GRCF]

I know this may sounds controversial but in my opinion Beccari is a much better exec compared to Delphine and he has more business acumen. He's the one who made Fendi acquire even more relevancy in the fashion landscape by properly supporting Karl's vision: the grandeur fashion shows, the roman fountains restoration project, the Haute Fourrure business.
Beccari x MGC for Dior is another success case study that should be taught in business schools: they created a distinctive Dior look, introduced entry level merchandise pieces that did not jeopardize the brand elevated aesthetic: the Book totes, the Pietro Ruffo print knitwear, all the variations of the Lady Dior.
Even his gambling with Pharrell x LV is paying off: they managed to get people to spend 10k on a LV monogram leather speedy!
Delphine gives me huge nepo baby trying to fill big shoes only because her father is the owner of the conglomerate. Remember she already had two faux passes with Clare and Matthey at Givenchy and we know she's getting a third one soon cause there's no way Sarah Burton's Givenchy is going to become a hit.

I don't think it's a controversial, while I like Delphine, I don't think any of the five of them deserve the accolades they get. I'm sure they are fine as people, they are just not impressive as business people.

I also get the sense that Beccari is well-liked wherever he goes and seems like someone who is chummy. Delphine, while maybe well-liked because she is discreet and polite, is probably the complete opposite in personality as Beccari.

In the Puck's recent article she mentioned there being some disappointment when Sidney came back as CEO of the Fashion Group, which was surprising because he seems like someone else who would be well-liked amongst the rank-and-file. I wonder if it was just because Bernard seems to play musical chairs because he is incapable of letting go of the old guard.