The life and career of Bernard Arnault, the luxury goods mogul who owns brands like Louis Vuitton – and whose wealth is surpassed only by Jeff Bezos and Elon Musk

Bernard Arnault
Bernard Arnault is the chairman and CEO of LVMH, the world’s largest maker of luxury goods.

  • Bernard Arnault briefly surpassed Elon Musk as the world’s second-richest person this week.
  • Arnault controls the massive luxury conglomerate LVMH Moët Hennessy – Louis Vuitton.
  • Four of Arnault’s children work at LVMH brands, including Louis Vuitton, Berluti, and TAG Heuer.
  • See more stories on Insider’s business page.

When it comes to the world of luxury goods, perhaps no one is more successful than Bernard Arnault.

Arnault, the 72-year-old CEO of French luxury conglomerate LVMH Moët Hennessy – Louis Vuitton, has built his fortune over the span of almost four decades, amassing a luxury-goods empire that includes some of the best-known names in fashion, jewelry, and alcohol, including Louis Vuitton, TAG Heuer, and Dom Perignon.

Along the way, Arnault has brought four of his five adult children into the fold, building a family-run conglomerate that has resulted in the world’s third-largest fortune.

Here’s how Arnault got his start and became one of the richest people in the world.

Marissa Perino contributed reporting. Taylor Nicole Rogers contributed to an earlier version of this story.

The 72-year-old French businessman is the chairman and CEO of LVMH Moët Hennessy – Louis Vuitton, known as LVMH. Arnault owns a 97.5% stake in Christian Dior, which controls 41.2% of LVMH.

bernard arnault lvmh

Source: Bloomberg

Arnault comes from the northern French town of Roubaix – he studied engineering at one of France’s most prestigious schools, the École Polytechnique. After graduating, Arnault went to work for his father’s construction company, Ferret-Savinel.

Ecole Polytechnique
Students from Ecole Polytechnique.

Source: Bloomberg, Business Insider

In 1984, Arnault acquired an ailing company called Agache-Willot-Boussac, which owned brands like French department store Bon Marche and the fashion house Christian Dior. He renamed the firm Financiere Agache and initiated a turnaround, cutting costs and selling off some of its businesses.

bernard arnault
LVMH vice president Alain Chevalier and Bernard Arnault, then CEO of Financiere Agache, at an event in Paris in 1988.

Source: Bloomberg

Soon after, he bought fashion house Celine and funded the French designer Christian Lacroix.

Celine

Source: The New York Times

In the late 1980s, Arnault said his goal was to run the world’s largest luxury company within the following decade. He then set his sights on LVMH Moët Hennessy – Louis Vuitton, spending $2.6 billion buying up shares in order to become the company’s largest shareholder, and its chairman and CEO by 1989.

Bernard Arnault
Bernard Arnault circa 1980.

Source: The New York Times

Arnault married Anne Dewavrin in 1973 and they had two children together before separating in 1990. Arnault remarried to Helene Mercier, a Canadian concert pianist, in 1991.

helene mercier bernard arnault
Helene Mercier and Bernard Arnault.

Source: Financial Times, Forbes

He reportedly wooed her by playing Chopin and other classical composers.

bernard arnault
Arnault at his home in 2000.

Source: Forbes

The French billionaire and his wife live on Paris’s Left Bank, south of the Seine River, a historic area that includes neighborhoods such as the Latin Quarter and St. Germain-des-Prés.

paris

Source: Bloomberg, The New York Times

In their home, Arnault keeps a collection of modern and contemporary art from artists that include Jean-Michel Basquiat, Damien Hirst, Maurizio Cattelan, Andy Warhol, and Pablo Picasso.

picasso painting art sothebys
Art handlers hang “Tete De Femme” by Pablo Picasso at a 2016 Sotheby’s auction in London.

Source: Bloomberg

Arnault has five children: two with his first wife and three with his current wife.

Bernard Arnault sons
Arnault with three of his sons at the Roland Garros 2018 French Open tennis tournament in Paris in June 2018.

Source: The New York Times

Antoine Arnault and Delphine Arnault are his two children from his first marriage.

bernard arnault children
Antoine and Delphine Arnault with their father, Bernard Arnault, in 2015.

Source: The New York Times, LVMH

Delphine, Arnault’s oldest daughter, is the apparent heiress to the LVMH empire.

delphine arnault
Delphine Arnault.

Source: The New York Times

She started her career at American consultancy firm McKinsey & Co. in Paris and is now the executive vice president at Louis Vuitton.

delphine arnault
Delphine Arnault in 2001.

Source: Business of Fashion, The New York Times

In January 2019, Delphine became the youngest member of LVMH’s executive committee at age 43.

bernard arnault delphine arnault
Bernard Arnault and Delphine Arnault.

Source: MDS

Delphine married Italian wine heir Alessandro Vallarino Gancia in 2005 in what Forbes called “France’s wedding of the year.” The couple divorced in 2010.

delphine arnault wedding
Delphine Arnault and Alessandro Vallarino Gancia.

Source: Forbes, Business Insider

She now reportedly lives with tech billionaire Xavier Niel and has one daughter. But Delphine is notoriously private about her personal life. “I’m quite discreet,” she told the Financial Times in a rare 2014 interview. “I think I’d rather focus on my work.”

delphine arnault
Xavier Niel, Delphine Arnault, and Bernard Arnault in Paris in April 2018.

Source: Financial Times

Delphine’s younger brother, Antoine, is chief executive of menswear label Berluti and chairman of the cashmere label Loro Piana, both LVMH brands.

antoine arnault

Source: The New York Times, LVMH

In addition to those roles, Antoine was named head of communications and image for LVMH in June 2018.

antoine arnault
Antoine Arnault at a Louis Vuitton show in January 2019 in Paris.

Source: Business of Fashion

He’s married to supermodel Natalia Vodianova, whom he reportedly met on a shoot for a 2008 Louis ­Vuitton campaign when he was the brand’s head of communications.

antoine arnault natalia Vodianova
Antoine Arnault and Natalie Vodianova during 2019 fashion week in Paris, France.

Source: W Magazine

The couple lives in Paris with their two children and Vodianova’s three children from a previous marriage.

antoine arnault natalia
Natalia Vodianova and Antoine Arnault during Paris Fashion Week in January 2019.

Source: W Magazine

Alexandre, the son of Bernard Arnault and Helene Mercier, was the CEO of Rimowa, a German luggage brand owned by LVMH.

alexandre arnault
Alexandre Arnault at Foundation Louis Vuitton in October 2018 in Paris.

Source: The New York Times, LVMH, Getty Images

Following LVMH’s acquisition of Tiffany & Co. last year, Alexandre was named Tiffany’s executive vice president of product and communications.

alexandre arnault bernard
Alexandre Arnault and his father, Bernard Arnault.

Source: Business Insider

He appears to be friends with Evan Spiegel, the chief executive of Snap, Snapchat’s parent company. Spiegel told The New York Times that Alexandre is “a really creative guy” and that “he’s constantly thinking about the brand and how to express that.”

arnaults
Delphine Arnault and Alexandre Arnault.

Source: The New York Times

Alexandre’s younger brother, Frederic, also has a role at LVMH. He joined the conglomerate as the strategy and digital director at Swiss luxury watch brand TAG Heuer, LVMH’s largest watch brand, in 2018. Last June, Frederic became TAG Heuer’s CEO.

Bernard Arnault son
Bernard Arnault and his son Frederic Arnault in June 2018.

Source: The New York Times, Robb Report

Frederic graduated from his father’s alma mater, École Polytechnique in Paris, and interned at Facebook and consulting firm McKinsey before joining LVMH as the temporary head of connected technologies at TAG Heuer in 2017.

frederic arnault
Frederic Arnault at a TAG Heuer auction in October 2018 in London.

Source: The New York Times

Arnault’s youngest son, Jean, age 21, is the only one of his children not involved at LVMH.

bernard arnault sons jean
Jean Arnault (front left) with his brother, Frederic (center) and father, Bernard (right).

Source: The New York Times

Like many billionaires, Arnault travels by private jet.

bernard arnault private jet
Bernard Arnault on his private jet between Beijing and Shanghai in 2004.

Source: Getty Images

He owns a sprawling vacation villa in glitzy Saint-Tropez on the French Riviera …

bernard arnault st tropez villa
Bernard Arnault’s Saint-Tropez villa in 2015.

Source: Telegraph

… where he has been seen enjoying some tennis matches.

bernard arnault tennis
An undated photo of Arnault playing tennis in Saint Tropez.

Source: Getty Images

Arnault has also reportedly spent at least $96.4 million on residential properties in Los Angeles in the Beverly Hills, Trousdale Estates, and Hollywood Hills neighborhoods.

beverly hills california

Source: The Real Deal

Arnault has rubbed shoulders with some of the world’s influential figures, in the fashion world and otherwise. In 2017, he met President Donald Trump at Trump Tower in New York City right before Trump’s inauguration to discuss expanding LVMH factories in the US.

donald trump bernard arnault

Source: WWD

He was photographed at parties with Lady Diana, Princess of Wales.

bernard arnault princess diana
British fashion designer of Dior John Galliano, magazine editor Liz Tilberis, Lady Diana, Princess of Wales, with Helene Mercier and Bernard Arnault CEO at the Dior 50th Anniversary party at the Metropolitan Museum of Art in New York.

Source: Getty Images

Arnault was reportedly friends with Apple founder Steve Jobs, who once said to Arnault: “You know Bernard, I don’t know if in 50 years my iPhone will still be a success but I can tell you, I’m sure everybody will still drink your Dom Pérignon.”

steve jobs
Steve Jobs.

Source: CNBC

Former Goldman Sachs chief executive Lloyd Blankfein once called Arnault “a complete visionary,” adding that he “saw the increase of wealth in the world.”

Lloyd Blankfein
Goldman Sachs Group chairman and CEO Lloyd Blankfein.

Source: CNBC

Arnault is reportedly longtime friends with former French president Nicolas Sarkozy. Arnault was a witness at the former president’s wedding to Carla Bruni.

Bernard Arnault Nicolas Sarkozy
Bernard Arnault and former French president Nicolas Sarkozy at an event in 1994.

Source: The New York Times

Here, Arnault can be seen shaking hands with Vladimir Putin during the Russian president’s 2003 visit to the Chateau Cheval Blanc vineyard in France, which is owned by LVMH.

putin bernard arnault
Vladimir Putin and Bernard Arnault at the Chateau Cheval Blanc on in Saint Emilion, France, in February 2003.

Source: LVMH

Arnault considered legendary late designer and Chanel creative director Karl Lagerfeld a good friend. “The death of this dear friend deeply saddens me, my wife and my children,” Arnault said in a statement upon Lagerfeld’s death. “We loved and admired him deeply. Fashion and culture has lost a great inspiration.”

karl lagerfeld bernard arnault
Karl Lagerfeld and Bernard Arnault in Paris in June 2018.

Source: LVMH

Arnault has a longstanding public rivalry with Francois Pinault, the founder of luxury group Kering, who’s worth about $50 billion.

francois pinault
François-Henri Pinault, Francois Pinault’s son.

Source: Bloomberg

Kering owns brands including Gucci and Yves St. Laurent. The billionaire also owns Christie’s auction house.

francois pinault
François-Henri Pinault, Francois Pinault’s son.

Source: Bloomberg

LVMH originally tried to acquire a majority stake in Gucci in 1999, but Pinault ultimately snatched up the brand.

gucci

Source: Forbes

Over the years, Arnault has built LVMH into the largest luxury conglomerate in the world and earned himself an imposing nickname: “the wolf in the cashmere coat.”

bernard arnault

Source: The New York Times

He’s behind the creation of Foundation Louis Vuitton, a Frank Gehry-designed contemporary art museum and performance space in Paris that opened in 2014.

fondation louis vuitton paris

Source: The New York Times

Arnault is getting richer at an astonishing rate. In January 2019, he made $4.3 billion in a single day after LVMH shares surged 6.9%. And just 16 months later, on June 19, Arnault again made news when he became the third person in the world to reach a $100 billion net worth.

bernard arnault

Source: Bloomberg

In April 2019, LVMH released a statement on behalf on the Arnault family, pledging 200 million euros, or about $218.8 million, to help rebuild the Notre-Dame Cathedral, which was damaged in a 2019 fire.

notre dame fire
Smoke billows as fire engulfs the spire of Notre Dame Cathedral in Paris, France April 15, 2019.

Source: Le Figaro

The coronavirus pandemic knocked Arnault down the Billionaires List. By May 2020, pandemic-related shut-downs sank LVMH’s stock more than 17% from where it was at the start of 2020, sending Arnault’s personal net worth down more than $30 billion.

dior store closed coronavirus
Closed and boarded up store fronts of luxury fashion brands Versace and Dior during Coronavirus crisis, Chicago.

Source: Bloomberg

In November 2020, LVMH completed its nearly $16 billion acquisition of jeweler Tiffany & Co., a history-making deal in the luxury sector. The contentious deal came after multiple lawsuits, a public war of words, and a $400 million discount.

FILE PHOTO: A Tiffany & Co. logo is seen outside a store in Paris, France, November 22, 2019. REUTERS/Gonzalo Fuentes/File Photo
A Tiffany & Co. logo is seen outside a store in Paris

Source: Business Insider

LVMH recorded 44.7 billion euros in revenue 2020 (roughly $54 billion), a 17% decrease from the year prior.

louis vuitton

Source: LVMH, Business Insider

However, LVMH appears to be bouncing back in 2021: Revenue was up 32% in the first quarter compared to the same time last year. The company said it saw strong sales in fashion and leather goods in the beginning of the year, as well as an uptick in alcohol sales in the first quarter, particularly Champagne.

Dom Perignon

Source: Business Insider

With an estimated worth of $150 billion, Arnault is currently the world’s third-richest person, surpassed only by Jeff Bezos and Elon Musk. This week, he briefly leapfrogged Musk to become the world’s second-richest person.

bernard arnault

Source: Bloomberg, Business Insider

Read the original article on Business Insider

The owner of Louis Vuitton and Dior is now selling unused luxury fabrics and leathers online from $4 a meter

Louis Vuitton men's fashion show
Models walk the runway during the Louis Vuitton Menswear Fall/Winter 2021-2022 show as part of Paris Fashion Week.

  • LVMH – the luxury giant behind Dior, Louis Vuitton, and Celine – is now selling fabrics at discount prices.
  • The new online store, Nona Source, sells leftover fabrics and leathers from $4 a meter.
  • These unused fabrics come from LVMH’s high-end brands.
  • See more stories on Insider’s business page.

LVMH has started selling unused fabrics from its high-end brands, including Louis Vuitton, at bargain prices.

The new online shop, which went live on Monday and is called Nona Source, sells leftover materials from its sought-after fashion brands. A spokesperson for LVMH confirmed to Insider that all of LVMH’s fashion brands would provide fabric. LVMH owns Louis Vuitton, Christian Dior, Givenchy, Stella McCartney, and Celine, among others.

The store is Europe-only and LVMH said it had no plans to launch it in the US. It is open to certain business owners, such as fashion designers. Each buyer must set up an account, sharing their company name and registration number, to shop.

Potential buyers can search by fabric style, weight, and use. Prices start from €3 ($3.60) per meter for lining materials, and up to €50 ($60) per meter for cashmere.

The shop is part of LVMH’s push to become more sustainable in the next 10 years, via an initiative called Life 360. It has promised to upcycle and recycle clothes.

Read more: How the $286 billion luxury empire LVMH reinvented its diversity strategy

The store is led by a three-person team who previously worked at LVMH-owned brands. The trio came together in 2019 as part of LVMH’s Disrupt, Act, Risk to be an Entrepreneur (DARE) program, which lets LVMH’s thousands of employees pitch new ideas to management and turn these into real projects.

These employees are now working full-time on Nona Source.

Read the original article on Business Insider

Elon Musk has been unseated as the world’s second-richest person by luxury goods tycoon Bernard Arnault

Elon Musk Bernard Arnault
Elon Musk, left, and Bernard Arnault.

  • LVMH chief executive Bernard Arnault has unseated Elon Musk as the world’s second-richest person.
  • Arnault and his family control 47.5% of LVMH, which owns brands like Louis Vuitton and Tiffany & Co.
  • Four of Arnault’s adult children hold executive positions within LVMH.
  • See more stories on Insider’s business page.

Elon Musk appears to have been unseated as the world’s second-richest person.

According to Forbes’ real-time billionaires list, Musk has been eclipsed by Bernard Arnault, the CEO of French luxury conglomerate LVMH Moët Hennessy – Louis Vuitton. As of Tuesday morning, Arnault’s fortune was pegged at $176.3 billion while Musk’s clocked in at $174.6 billion.

Another real-time wealth tracker, Bloomberg’s billionaires list, still has Arnault in fourth position with a net worth of $146 billion and Musk in the No. 2 slot with $183 billion.

Amazon CEO Jeff Bezos remains the richest person in the world with a net worth of $197 billion.

Read more: The ultrawealthy are installing home amenities that rival 5-star hotels in the quest to never leave the house, from $50,000 Botox spas to cigar lounges and Zoom theaters

Arnault and his family control 47.5% of LVMH, and his surge in wealth appears to be the result of an impressive first quarter for the company. The luxury house, which owns over 70 brands including Louis Vuitton, Christian Dior, Fendi, Moët & Chandon, Hennessy, and Veuve Clicquot, recorded 14 billion euros in revenue – about $16.9 billion – in the first quarter, up 32% from the same quarter in 2020.

Following multiple quarters of declining growth due to the pandemic, the company said it saw strong sales in fashion and leather goods in the beginning of the year. LVMH also noted a uptick in alcohol sales in the first quarter, particularly when it comes to Champagne: Champagne volumes were up 22% compared to the same time last year as vaccinations continue worldwide.

Last fall, LVMH completed its nearly $16 billion acquisition of jeweler Tiffany & Co., a history-making deal in the luxury sector. The contentious deal came after multiple lawsuits, a public war of words, and a $400 million discount.

Following the acquisition, Arnault’s 28-year-old son, Alexandre, was named Tiffany’s executive vice president of product and communications following a stint at the helm of LVMH-owned luggage brand Rimowa. Last June, Arnault’s 26-year-old son, Frédéric, was named CEO of Tag Heuer, the luxury watch brand also owned by LVMH. Arnault’s daughter, Delphine, is the executive vice president of Louis Vuitton, and his son, Antoine, is the CEO of Berluti and chairman of Loro Piana, two fashion houses owned by LVMH.

Read the original article on Business Insider

Billionaire Bernard Arnault is launching a SPAC, as the blank-check boom spreads to Europe

GettyImages 1176406609
Bernard Arnault is the fourth-richest person in the world, according to Bloomberg

Luxury goods billionaire Bernard Arnault has joined the hoards of investors and celebrities launching blank-check companies, and has teamed up with the former head of Italian financial services firm UniCredit to launch a SPAC.

The world’s fourth-richest person and owner of LVMH has teamed up with former UniCredit chief executive Jean Pierre Mustier to create a special-purpose acquisition company with a focus on “innovative” European financial firms.

A special-purpose acquisition company – or SPAC – is an entity that exists solely to list on the stock exchange to raise money, in the hope of finding and merging with a target company to take it public.

More than 140 SPACs have gone public in the US this year, raising more than $45 billion. But the SPAC boom is catching the interest of European investors. Amsterdam has emerged as a hub, although the numbers remain far smaller than in the US.

Read more: Tom Finke recounts how he went from running a $345 billion money manager to joining in the SPAC boom as a sponsor – and shares 3 characteristics investors should look for in an ideal blank-check company

Mustier and former Bank of America banker Diego De Giorgi will be the operating partners of the SPAC, which will be called Pegasus Europe and list in Amsterdam, according to the Financial Times.

Tikehau Capital and Arnault’s Financière Agache holding company will be strategic and financial sponsors. A statement released by Tikehau said they will “bring meaningful resources and support to the company.”

Arnault – who owns brands including Christian Dior, Louis Vuitton and Givenchy – is the latest in a long line of big-name SPAC sponsors. Hedge fund boss Bill Ackman floated a $4 billion SPAC last year, while former Credit Suisse boss Tidjane Thiam has one in the pipeline. 

Basket player Shaquille O’Neal and quarterback and campaigner Colin Kaepernick are among the celebrities to have backed SPACs.

Ex-Commerzbank boss Martin Blessing is reportedly planning to list a shell company in Amsterdam.

“There is in Europe a need for growth capital,” Mustier told Bloomberg TV on Monday. He said the sponsors “share the same vision, to bring capital to companies in Europe. And we chose, naturally, the financial sector to do that.”

The four sponsors plan to buy at least 10% of the SPAC’s shares at IPO, Tikehau said, and to commit to a “substantial forward purchase agreement.”

Read more: Short-seller Carson Block says the day-trading revolution that hit GameStop and other stocks is changing the playing field for investors like him. Here’s how his firm is reinventing itself – and what he’s betting against today

Read the original article on Business Insider

Alexandre Arnault, the 28-year-old son of Europe’s richest man, is now an executive at Tiffany & Co.

alexandre bernard arnault lvmh
Alexandre Arnault and his father, LVMH chairman Bernard Arnault, at Paris Fashion Week in March 2018.

  • Alexandre Arnault, the former CEO of high-end luggage brand Rimowa, is now an executive at Tiffany & Co., the 28-year-old announced on Instagram on Friday.
  • He will be based in New York as the executive vice president of product and communications at the iconic jewelry brand.
  • LVMH, the world’s largest luxury goods conglomerate that owns Rimowa as well as 74 other luxury brands, bought Tiffany for $15.8 billion in October.
  • Alexandre Arnault’s father, Bernard Arnault, has run LVMH since 1989 and is the world’s fourth-richest man, with a $117 billion net worth.
  • Three other of Bernard’s children hold leadership positions at LVMH brands Louis Vuitton, Tag Heuer, and Berluti.
  • Visit Business Insider’s homepage for more stories.

Alexandre Arnault, the son of Europe’s richest man, is coming on board as an executive at Tiffany & Co. after four years as CEO of high-end luggage brand Rimowa, Arnault and Rimowa announced on Friday.

At Tiffany & Co., 28-year-old Arnault will be the executive vice president of product and communications, according to a press release. Tiffany & Co. is the newest acquisition of LVMH, the world’s largest luxury goods maker, which is run by Arnault’s father, billionaire Bernard Arnault. After a monthslong dispute, LVMH closed its deal to buy the iconic jewelry brand for $15.8 billion in October 2020.

Arnault announced his career move on Friday on Instagram, a platform he frequently uses to highlight new Rimowa products as well as personal news like that of his recent engagement to Geraldine Guyot, founder of French accessories brand D’Estrëe.

“I am now leaving the reigns of Rimowa to join Tiffany & Co in New York,” Arnault wrote in the post. “I am honoured to have been part of the Rimowa family.”

A post shared by A.A (@alexandrearnault)

 

The post included a photo carousel of “a few snapshots of our incredible ride together,” as Arnault put it, including Rimowa’s collaborations with artist Alex Israel and streetwear brand Supreme.

“No matter the distance, Rimowa will always be in my heart,” Arnault wrote.

Bringing change to Rimowa

Arnault, who leaves Rimowa after four years as CEO, will stay on as the non-executive chairman of Rimowa, according to a company press release. In 2016, Arnault convinced his father to acquire Rimowa and spearheaded a modern reimagining of the 122-year-old German luggage brand, collaborating with trendy brands like Supreme and Virgil Abloh’s Off-White. Last year under Arnault’s leadership, Rimowa launched a bevy of new products including backpacks and sunglasses.

As Arnault told Business Insider in a phone call in November, “Even before the pandemic, we thought that our products needed to be more part of people’s everyday lives rather than just being at the airport or in the hotel room at the destination.”

LVMH has been led by his father, Bernard Arnault, since 1989. Bernard is the richest man in Europe by far and the fourth-richest person in the world, with an estimated $117 billion net worth, according to Bloomberg’s Billionaires Index. In the early months of the pandemic, Bernard saw more than $30 billion wiped out from his net worth as retail stores were forced to close and LVMH’s share price plummeted. But his empire has since rebounded, leaving his net worth $8 billion higher than it was before the pandemic.

The luxury goods empire is a family operation. In addition to Alexandre, three other Arnault children hold leadership roles at LVMH brands. Delphine Arnault, 45, is Louis Vuitton’s executive vice president. Antoine Arnault, 43, is the CEO of Berluti as well as LVMH’s head of image, communications, and the environment. Both Delphine and Antoine sit on LVMH’s board of directors. And 26-year-old Frederic Arnault is the CEO of Tag Heuer. (Bernard’s youngest son, Jean, is still in school, according to Bloomberg.)

Rimowa’s new CEO will be Hugues Bonnet-Masimbert, Rimowa’s former executive vice president of sales and client operations, who also spent 10 years at Louis Vuitton.

“At my side for the past three years, Hugues has been one of the primary artisans behind this success, and I am delighted to see him promoted to this new role,” Arnault said in a press release.

Another Louis Vuitton veteran, Anthony Ledru, will take over as Tiffany’s CEO, replacing Alessandro Bogliolo.

Arnault’s first day at Tiffany & Co. in his new home city of New York City was Friday, according to his Instagram, where he followed his big announcement with a photo of his Tiffany employee badge.

A post shared by A.A (@alexandrearnault)

Arnault’s fiancée, Guyot, is also relocating to New York, where she’ll continue to run her company, the designer said on Instagram. 

Read the original article on Business Insider