The new Tiffany & Co. is officially a go: Louis Vuitton manager Anthony Ledru and LVMH boss Bernard Arnault’s son, Alexandre, will head up the luxury jeweller

Jan 11 , 2021

Alexandre Arnault, son of Bernard Arnault, is set to take over management of Tiffany & Co. Photo: @HECParis/Twitter via Reuters

A top executive at Louis Vuitton and one of Bernard Arnault’s sons are set to take over management of Tiffany & Co. after the biggest acquisition in the luxury industry by LVMH.

Anthony Ledru will become chief executive officer with Alexandre Arnault being responsible for products and communications inside the brand, the company announced on January 7. Ledru leads global commercial activities at Louis Vuitton, and Alexandre is currently in charge of LVMH-owned suitcase maker Rimowa.

Louis Vuitton CEO Michael Burke will also become chairman of Tiffany.

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Alexandre Arnault, currently CEO of Rimowa, will soon find himself in charge of Tiffany & Co. Photo: Financial Times Live

With Ledru, the French company is picking someone with extensive experience in the US luxury market to succeed Alessandro Bogliolo. Before his six years at LVMH, Ledru held key roles at jewellery brands including Harry Winston and Richemont’s Cartier. A Tiffany appointment in fact marks a return for Ledru: he managed the company’s US and Canadian businesses between 2013 and 2014.

Bernard Arnault, the billionaire founder of LVMH, has named his children to other key executive roles within his business empire in the past. His daughter, Delphine, is executive vice-president of Louis Vuitton, in charge of supervising all of the brand’s product-related activities.

Bernard Arnault, CEO of LVMH Moet Hennessy Louis Vuitton SE, attends the company's shareholder meeting in 2019. Photo: Reuters

LVMH shares gained 23 per cent last year and the conglomerate now has a market value of US$313 billion. That makes it the second-biggest company in Europe after Nestle SA.

Bogliolo will depart the company on January 22. Reed Krakoff, Tiffany’s chief artistic director, and Daniella Vitale, chief brand officer, will also leave.

Arnault’s son Antoine heads Berluti as well as image and communications at LVMH. Another son, Frederic, runs watch brand Tag Heuer.

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Bernard Arnault and his son Frederic in 2018. Photo: Reuters

Alexandre has run German brand Rimowa for the past four years. The 28-year-old, who is active on Instagram, presented a Rimowa case study to Harvard Business School students in February.

This year is set to be challenging for luxury companies as many regions struggle with renewed lockdowns to tame the Covid-19 pandemic. The industry is relying on demand from China to bolster sales.

LVMH’s deal to acquire Tiffany won shareholder approval in December. The French company managed to get a small discount for its acquisition price for the iconic US jeweller after threatening to walk away from the deal. The purchase, worth US$16 billion, is still the biggest in the industry’s history.

A Tiffany & Co. store in China, where the company expects double-digit growth despite a weaker economy, as consumers curb their overseas luxury purchases and spend more at home. Photo: Bloomberg

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Fashion

The move continues Bernard Arnault’s tradition of entrusting some of LVMH’s most important brands to his children: Frederic runs Tag Heuer, Antoine heads Berluti and 28-year-old Alexandre will step down as CEO of Rimowa