Paris (France) (AFP) – Bernard Arnault, chief executive of the world’s biggest luxury conglomerate LVMH, brushed off speculation of his retirement on Thursday, telling shareholders that “we’ll talk about all this again in seven to eight years.” The 77-year-old founder of the French group, whose brands include Louis Vuitton and Tiffany’s, has set up a family dynasty where his five children all have key roles.
Since founding the group in 1989, Arnault has spent billions acquiring fashion, watch, and jewellery houses, but he has not publicly identified a successor. “Last year you renewed your confidence in me with 99 percent of the vote for the next 10 years,” he told investors gathered for the company’s annual shareholder meeting. “So, if you don’t mind, we’ll talk about this again in seven or eight years,” Arnault said, inviting all his five children to address the AGM for the first time.
“So, you have all seen my children. Do they seem very ambitious?” Arnault jokingly told the gathering. “I don’t know. It’s up to you to tell me,” he said. Arnault and his family recently increased their stakes in LVMH to 50.01 percent, with 65.94 percent of the voting rights, securing control over the company. “I am very confident for our group’s evolution over the next five years. That’s why when the shares go down a bit, as has been the case recently, I buy them,” he said.
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