Youngest son of the richest man in the world becomes the only heir without a seat in a luxury empire; understand

Jean Arnaultyoungest son of Bernard Arnaultdoes not have a guaranteed seat on the Council of LVMH, a global haute couture, jewelry and alcoholic beverages group. The 25-year-old is the only one of the billionaire’s five children who does not have decision-making power within the conglomerate of iconic brands such as Louis Vuitton, Givenchy, Möet Chandon, Sephora and Tiffany.

On Thursday the 18th, shareholders voted to approve the names of Alexandre Arnaulta 31-year-old senior executive at Tiffany, and his brother Frederic, 29 years old. As Arnault’s two eldest children, from his first marriage, were already on the council — Delphine, aged 48, and Antoine, aged 46 — the youngest of the family will be the only heir without a seat.

Asked in January about the possibility of his youngest son joining the board, Bernard Arnault, who is the richest man in the world with an estimated fortune, according to Forbesin US$ 214 billion (R$ 1.1 trillion, at the current exchange rate), said that it is still early for his son to join the group. “He has time, he is young.”

A lover of watches, Jean Arnault arrived at Louis Vuitton as director of marketing and development for the sector. Then, discreetly, he continued his career until he became director of the brand’s watchmaking industry. Those who know him define him as “discreet, but passionate about his work. Highly praised by managers and the staff with whom he collaborates.”

Although Jean has no decision-making power within LVM and his brothers occupy prominent positions on the company’s board, the company’s shareholding is divided. His five descendants are equally represented in the company Financière Agache, which controls 48% of LVMH’s capital..

Succession

The conglomerate’s statutes allow Bernard Arnault remains in charge until he is 80. As the billionaire wants to keep his family in full control of the board of shareholders and the company’s operational management, the international press reports that he already organizes his succession.

Every month, six members of the council meet religiously in a room on the ninth and top floor of the exclusive Avenue Montaigne, number 22, the heart of Paris’ so-called “golden triangle”. The monthly meeting has a particular objective: it is at the same time a family lunch, a mini board meeting and, most importantly, a very high-level course on business practice.

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Source: Redação Terra