The "Delayed Plan": Why Arnault is in No Rush

The family's assets, estimated at $147 billion, make them the second-wealthiest dynasty on the planet, trailing only the owners of Hermès. However, investors and analysts are expressing concern. In a recent report, major minority shareholder DWS Group characterized LVMH's succession plan as "opaque and uncertain."

In response to the criticism, Arnault published an open letter on social media platform X, signed personally: anyone waiting for a split in their family will be "waiting a very long time." The founder of LVMH has sound reasons not to rush:

• Growth in Performance: The latest quarter showed a 3% revenue growth (up to 19.3 billion euros), largely driven by the relaunch of Dior under Jonathan Anderson, the success of Sephora, and the jewelry triumphs of Tiffany & Co. and Bvlgari.

• Charter Amendment: In April, shareholders approved raising the age limit for the CEO from 80 to 85. This allows Arnault to remain at the helm for nearly eight more years.

• An Impregnable Fortress: To protect the empire from hostile takeovers, the family established the Agache holding company, which owns 50.2% of LVMH shares and controls 66.4% of the voting rights. Each of the five children holds an equal 20% stake, and key decisions require the consent of at least three heirs.

Five Contenders for the LVMH "Throne"

Bernard Arnault is building a system of gradual involvement for his children in the business, avoiding abrupt personnel shake-ups. All the heirs are divided into two groups depending on which marriage they were born from:

• Delphine Arnault (51): The eldest daughter from the first marriage. She has headed Christian Dior Couture since 2023 and has served on the board of directors since 2003. She is considered one of the top favorites for the head of the entire conglomerate thanks to her solid management experience.

• Antoine Arnault (49): The eldest son from the first marriage. He oversees LVMH’s image and environmental initiatives and manages the Christian Dior SE holding company. A co-management scenario alongside his sister Delphine is a possibility.

• Alexandre Arnault (34): Deputy CEO of the wine and spirits division, Moët Hennessy. He joined the board of directors in April 2026.

• Frédéric Arnault (31): Head of the Italian luxury brand Loro Piana, who also joined the company's board of directors.

• Jean Arnault (27): The youngest heir, overseeing the LVMH watch division.

In April, at the annual shareholders' meeting, Arnault gave each of his children a chance to speak publicly, thereby raising their recognition and strengthening their positions in the eyes of investors.

What Scenario Will the King of Luxury Choose?

Global practice shows that only a third of family businesses survive the transition to the second generation. LVMH could follow the path of other giants:

• The L’Oréal Model: Transferring control to the heirs while simultaneously hiring professional outside managers for day-to-day operations.

• The Kering or Prada Model: Appointing a single successor from among the children (as was the case with the Pinault family or Prada's current power transition to Lorenzo Bertelli).

Nevertheless, Bernard Arnault's unique management style rules out simple predictions. While the patriarch keeps a firm grip on the reins of power, the battle for the throne within the Arnault clan remains the fashion industry's ultimate secret drama.