Tiffany & Co. To Have A New Management Team After Its Acquisition By LVMH
[Update: 8 January 2021]
Anthony Ledru has been appointed the CEO of Tiffany & Co., replacing Alessandro Bogliolo while Alexandre Arnault takes on the role as Executive Vice President of Product and Communications leaving his CEO position at Rimowa where he will be succeeded by Hugues Bonnet-Masimbert, the brand’s Executive Vice President of Sales and Client Operations; Michael Burke, CEO and Chairman of Louis Vuitton will also become chairman of Tiffany’s board.
The scion of French luxury conglomerate, LVMH is set to lead the newly acquired Tiffany & Co. with Louis Vuitton’s Head of Global Commercial Activities. Alexandre Arnault, the second oldest son of billionaire Bernard Arnault, is already the CEO of suitcase-brand, Rimowa and joining him is Anthony Ledru who has had vast experience in managing jewellery brands such as Cartier and Harry Winston prior joining the company. The founder of LVMH, Bernard Arnault, has for many occasions, appointed his children to top positions within the company; Antoine heads Berluti and the company’s image and communications division; His daughter, Delphine as Louis Vuitton’s executive vice president while another son, Frederic leads Tag Heuer.
Alexandre Arnault, 28, made headlines across the luxury industry when he was named the CEO of Rimowa in 2017 after playing a pivotal role in LVMH’s decision to buy an 80% stake of the German suitcase brand — he was only 24 when the deal took place — making this the first acquisition the company has done in Germany. Despite the current sluggish economy, Rimowa, under Alexandre Arnault, has been opening up new stores with a concentration in Asia, particularly China. In 2020 alone, six new stores were opened in China, four in South Korean and remaining two in Thailand and Taiwan each. Arnault is bringing in new perspectives to both Rimowa and its parent company, LVMH and now adding Tiffany & Co. to his profile, it would be interesting to see how he is going to lead the American jeweller.
The road to securing a deal between LVMH and Tiffany & Co. was not an easy one considering how much back and forth was done. Lawsuits were filed between the two companies, negotiations were held and then finally a deal was agreed upon last December and the US jeweller is bought over for $16 billion — the biggest transaction to be made in the industry.