Luxury goods conglomerate LVMH plans to propose to its shareholders an increase in the age limit for its CEO and chairman to 85, enabling its billionaire leader Bernard Arnault to continue in his role for a more extended period.
Bernard, 76, founded the company and expanded it into the largest luxury goods firm in the world, serving as both the chief executive and chairman, making him the wealthiest individual outside the United States.
Despite his five children, who are between 27 and 49 years old and all work for the company—with four of them on the board—he has not yet identified a successor.
During the upcoming general meeting on April 17, shareholders will be asked to approve a change to “align the age limits for the Chairman of the Board of Directors and the Chief Executive Officer, setting them at 85 years,” according to an announcement in an official publication. The age limit for CEOs was previously raised to 80 in 2022.
In July 2022, Bernard Arnault strengthened the family’s control over LVMH by restructuring his Agache holding company into a limited partnership.
The Arnault family holds 49 per cent of LVMH’s capital and 64.8 per cent of its voting rights. In 2024, LVMH reported a net profit of 12.55 billion euros on revenues of 84.7 billion.
