Louis Vuitton Manager Ledru, Arnault Son to Lead Tiffany

(Bloomberg) -- A top executive at Louis Vuitton and one of Bernard Arnault’s sons are set to take over management of Tiffany & Co. after the biggest acquisition in the luxury industry by LVMH.

Anthony Ledru will be chief executive officer, with Alexandre Arnault being responsible for products and communications inside the brand, the company said Thursday, confirming a Bloomberg report they would lead the jeweler together. Ledru leads global commercial activities at Louis Vuitton, and Alexandre is currently in charge of LVMH-owned suitcase maker Rimowa.

LVMH announced the promotions and said the acquisition had been concluded Thursday. Louis Vuitton CEO Michael Burke will also become chairman of Tiffany.

With Ledru, the French company is picking someone with extensive experience in the U.S. luxury market to succeed Alessandro Bogliolo. Prior to his six years at LVMH, Ledru held key roles at jewelry brands including Harry Winston and Richemont’s Cartier, according to his LinkedIn profile. A Tiffany appointment marks a return for Ledru: He managed the company’s U.S. and Canadian businesses between 2013 and 2014.

Bernard Arnault, the billionaire founder of LVMH, has named his children to key executive roles within his business empire. His daughter, Delphine, is executive vice president of Louis Vuitton, in charge of supervising all of the brand’s product-related activities.

LVMH shares gained 23% last year, and the conglomerate now has a market value of 254 billion euros ($313 billion). That makes it the second-biggest company in Europe, after Nestle SA.

Bogliolo will depart the company January 22. Reed Krakoff, Tiffany’s chief artistic director, and Daniella Vitale, chief brand officer, will also leave.

Arnault’s son Antoine heads Berluti as well as image and communications at LVMH. Another son, Frederic, runs Tag Heuer, the watch brand.

Alexandre has run German brand Rimowa for the past four years. The 28-year-old, who is active on Instagram, presented a Rimowa case study to Harvard Business School students in February.

This year is set to be challenging for luxury companies as many regions struggle with renewed lockdowns to tame the coronavirus pandemic. The industry is relying on demand from China to bolster sales.

LVMH’s deal to acquire Tiffany won shareholder approval in December. The French company managed to get a small discount for its acquisition price for the iconic U.S. jeweler after threatening to walk away from the deal. The purchase, worth $16 billion, is still the biggest in the industry’s history.

©2021 Bloomberg L.P.