PARIS – LVMH Moët Hennessy Louis Vuitton is preparing to name a new head of its Fashion Group division as Sidney Toledano transitions into another role at the French luxury group, chairman and CEO Bernard Arnault said Thursday.
Speaking at the annual general meeting of shareholders, Arnault thanked Toledano for his leadership during a career at LVMH spanning almost three decades, first at Christian Dior and since 2018 as head of the LVMH Fashion Group, which oversees brands including Celine, Loewe, Givenchy, Kenzo, Marc Jacobs and Pucci.
“I wanted to underline the exceptional job he has done. He’s not leaving. No, he will take on another role,” Arnault said.
“We will continue to work together in a different framework. I won’t say anything further, but I will tell you about it next year in any case. A big thank you, Sidney, for your terrific work during all these years,” he added, prompting warm applause from the audience.
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The luxury executive’s comment come days after a report on independent news site Miss Tweed that Michael Burke, another veteran LVMH executive, was the frontrunner to succeed Toledano as head of the Fashion Group. LVMH declined to comment on the story.
A source with knowledge of the matter said the name of Toledano’s successor would be revealed in the next few months, but the decision had yet to be finalized.
Revenues in the division have swelled under Toledano’s watch and are now approaching 10 billion euros, according to market sources. It is understood Toledano also increased the business unit’s profitability sixfold.
At the AGM, Arnault also singled out Burke for praise, noting that he had helped Louis Vuitton to become the first brand in the history of luxury goods to generate annual revenues of more than 20 billion euros.
Burke bowed out as chairman and CEO of Vuitton in February after a stellar 10-year tenure to “take up new responsibilities, reporting directly to Bernard Arnault,” LVMH said. He would seem a natural successor for Toledano, since the two men are close, and Burke has been part of Arnault’s inner circle since he founded LVMH in the 1980s.
This story was reported by WWD and originally appeared on WWD.com.
