LVMH has named new division leaders as part of a shakeup that brings one of billionaire founder Bernard Arnault’s sons back to the luxury conglomerate’s Paris headquarters after New York jeweler Tiffany & Co.

Alexandre Arnault will be deputy director of LVMH’s wines and spirits division under the direction of Jean-Jacques Guiony, who will hand over his role as financial director of the conglomerate to Cécile Cabanis, who was appointed to succeed him at the start of the year.

LVMH also appointed a new human resources director, announcing the departure of Chantal Gaemperle after more than 17 years within the luxury group. Maud Alvarez-Pereyre, who has held HR positions in several LVMH divisions, will take on this role.

LVMH shares fell 1.4 percent on Thursday (Nov. 14) in Paris and have fallen about 23 percent since the start of the year.

The shakeup, including Gaemperle’s surprise departure and more orchestrated changes involving the financial role and wine and spirits division, will fuel further speculation about a possible succession in the Louis Vuitton owner’s top management. Bernard Arnault, 75, remains firmly in charge for the moment, but his five children all occupy key positions in the group.

Alexandre Arnault, 32, has held a position as product and communications manager at Tiffany since 2021, when LVMH finalized its acquisition of the American jewelry brand. In this new position, he will work alongside Guiony, a long-time collaborator of Bernard Arnault, who succeeds Philippe Schaus as head of the wines and spirits unit after 21 years at LVMH.

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Wines and spirits

The division, whose brands include Dom Pérignon champagne and Hennessy cognac, has struggled recently as Chinese buyers curb their purchases of expensive brandy. Its organic sales fell 7% in the third quarter, amid a broader slowdown in the luxury industry after a multi-year boom that briefly made LVMH Europe’s most valuable company and Bernard Arnault the richest person in the world.

More brutal was the departure of Gaemperle, 62, as head of human resources and synergies. LVMH published a brief press release on Wednesday evening announcing that it was “leaving the group to pursue new projects”.

LVMH announced Thursday morning that Alvarez-Pereyre would succeed her as a member of the company’s executive committee and be named executive vice president in charge of human resources for the group starting in December.

French online publication La Lettre reported earlier this month that Gaemperle had been suspended, after being escorted out of the company’s Paris headquarters by security guards. The publication adds that it is unclear what exactly led to his departure. LVMH declined to comment on this information when contacted by Bloomberg.

With her departure, LVMH loses one of the rare women on the executive committee of the Parisian company. Alvarez-Pereyre will replace Gaemperle on the committee, alongside Christian Dior Couture CEO Delphine Arnault, Bernard Arnault’s senior, and Cabanis, who joined LVMH as deputy CFO earlier this year and will succeed the financial director Guiony in February next year.

With more than 210,000 employees worldwide, Gaemperle was responsible for sourcing and recruiting business leaders. His team had also developed a program aimed at recruiting more artisans and women for its various professions which range from viticulture to sewing.

Last month, Gaemperle participated in an event in the presence of Bernard Arnault and other senior executives of the group which celebrated the 10th anniversary of an artisan recruitment program. She played an important role, answering journalists’ questions and speaking in front of a packed room.

Other departures

LVMH has rejuvenated its executive committee with the departure of several former managers. The company promoted Stéphane Bianchi, 59, to deputy general manager earlier this year, replacing 70-year-old Toni Belloni. In September, LVMH also announced that Chris de Lapuente, another member of the executive committee who led LVMH’s selective retail unit that includes Sephora, had been named LVMH deputy chief executive officer. leave the group to retire.

Arnault, 75, has seen his wealth decline this year due to falling demand for luxury goods. He is currently the fifth richest person on the Bloomberg Billionaires Index. His fortune stood at $163.5 billion on Wednesday. BLOOMBERG