Michael Burke named LVMH Fashion Group chairman and CEO
By Mimosa Spencer
PARIS (Reuters) -LVMH veteran executive Michael Burke has been appointed chairman and chief executive of LVMH Fashion Group, overseeing all of the luxury goods group's fashion labels, it said on Thursday.
Burke — chairman and CEO Bernard Arnault's longest serving lieutenant — replaces long-time Fashion Group head Sidney Toledano, who was named advisor to Arnault and will exit the company's executive committee.
Burke, 66, was CEO of LVMH's biggest label Louis Vuitton until a year ago, headed labels Fendi and Bulgari and served as chairman of the board of Tiffany, LVMH's largest acquisition.
«I am a great believer in long-term vision,» Burke, noting he has worked with Arnault for 40 years, said in Thursday's statement.
One of the fashion industry's most influential executives, Burke oversaw soaring growth at Louis Vuitton, the world's largest luxury label.
Burke was also a mentor to Arnault's daughter Delphine Arnault, 48, currently head of Dior.
All of Arnault's children hold top management positions at LVMH, each closely watched for signs one of them could eventually succeed Bernard Arnault, who has not signalled plans to step down any time soon.
Frederic Arnault, 29, was promoted to the role of chief executive of LVMH Watches earlier this month.
Toledano, who also headed LVMH's second-largest label Dior for 20 years, will remain involved in the French fashion industry as a member of the executive committee of the sector's Federation de la Haute Couture et de la Mode and board member of French luxury lobby group Comite Colbert.
The appointments are effective Feb. 1.
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