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Bernard Arnault likes to call LVMH a family business. The world's richest man calls the €400 billion luxury empire of which he is CEO, chairman and majority shareholder a "family business," and that's both a humble brag and a truth, The Economist writes.

All five of his children work for him. And at LVMH's annual general meeting on April 18, his two sons (Alexandre and Frédéric) are poised to join Delphine and Antoine, his eldest offspring from his first marriage, on the board of directors. Only Jean, 26, the youngest, does not have a seat on the board—yet.

Arnault Sr. could lead LVMH for another five years. In 2022, shareholders happily amended the company's charter to raise the mandatory retirement age for the CEO from 75 to 80.

“The Wolf in Cashmere,” as the billionaire is known thanks to his “killer instincts,” is not going to give up. But board shakeups and other recent job changes suggest succession plans are already well underway.

Last year, Delphine took over as head of Christian Dior, the iconic fashion house that is LVMH's second-largest brand. Antoine is now chief executive of the family holding company that controls LVMH. Alexander is the de facto number two jeweler at Tiffany & Co. Frédéric, and Jean holds senior positions in the group's watch business.

HSBC's Erwan Ramburg sees three possible succession scenarios. One of them involves Delphine, 49, who has worked her way through Dior and Vuitton since 2000 to inherit the top job from her father. Another is the accession to the throne of 31-year-old Alexander, who has prospered as the head of Rimowa, the German luggage maker he convinced his father to buy. Now he's revitalizing Tiffany & Co's old-fashioned image by collaborating with superstars like Beyoncé and Jay-Z. The third is a collegial approach, with five scions running the five divisions of the group.

If Arnault has made a decision, he keeps his decision to himself. In any case, he will hand over an enviable business. However, after a stellar 2023, when sales grew by 9%, revenues in the first quarter of 2024 still fell by 2% year on year, to 21 billion euros, mainly due to lower demand from Chinese buyers concerned about their economy countries.

However, this disappointment in the first quarter may be fleeting. Asset manager gam's Flavio Cereda expects global luxury goods sales to grow 6-7% annually over the next few years, with LVMH continuing to gain market share.

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