Bernard Arnault has finally taken control of Tiffany & Co.
With the acquisition being LVMH Moet Hennessy Louis Vuitton SE’s biggest deal to date, and an expensive trophy asset despite the last-minute price cut, there’s little wonder that the company’s chief executive officer is sending experienced staffers from his flagship brand Louis Vuitton to oversee it.
More interesting is the appointment of his 28-year-old son Alexandre to a senior role at Tiffany. It is the latest example of how Arnault, the 71-year-old LVMH founder and France’s richest man, is situating his children into the world’s biggest luxury group, readying them for eventual succession.
It’s a smart move, and one that is playing out across the industry, as scions from family-controlled houses like Prada SpA and cashmere-maker Brunello Cucinelli SpA are elevated to top roles. Younger, digitally focused consumers will drive high-end sales over the next decade. Who better to understand