- Alexandre Arnault, the former CEO of Rimowa, has joined Tiffany & Co. as an executive, the 28-year-old revealed on Instagram on Friday.
- As the legendary jewelry brand’s senior vice president of product and communications, he will be based in New York.
- In October, LVMH, the world’s largest luxury goods company, paid $15.8 billion for Tiffany, as well as 74 other luxury brands.
- Bernard Arnault, Alexandre Arnault’s father, has been the CEO of LVMH since 1989 and is the world’s fourth-richest man, with a net worth of $117 billion.
- Three more of Bernard’s children work for LVMH brands Louis Vuitton, Tag Heuer, and Berluti, respectively.
Acquisition of Tiffany & Co – Alexandre Arnault
After completing its $15.8 billion acquisition of Tiffany & Co., LVMH installed the son of business founder Bernard Arnault to a new leadership team at the American jeweler.
Tiffany will be run by two executives from the conglomerate’s Louis Vuitton handbag business, and the design staff will be overhauled ahead of a makeover that experts think would focus on attracting young buyers and Asian clients.
Following a bitter legal battle, the deal was finally closed, boosting LVMH’s standing in a category where it was less exposed than fashion or spirits. As the COVID-19 pandemic caused havoc on luxury goods sales, LVMH pulled away, but eventually renegotiated a lower purchase price.
Alexandre Arnault, the son of Europe’s richest man, is joining Tiffany & Co. as an executive after four years as the CEO of high-end luggage maker Rimowa, according to an official announcement by Arnault and Rimowa on Friday.
According to a press release, Arnault, who is 28 years old, will be the executive vice president of product and communications at Tiffany & Co. LVMH, the world’s largest luxury goods company, which is led by Arnault’s father, billionaire Bernard Arnault. Tiffany & Co. is LVMH’s newest acquisition. In October 2020, LVMH completed its purchase of the iconic jewelry brand for $15.8 billion, ending a months-long dispute.
Bringing Change to Rimowa
According to a business news release, Arnault will remain as Rimowa’s non-executive chairman after leaving the company after four years as CEO. Arnault persuaded his father to buy Rimowa in 2016, and he has since led a modern reimagining of the 122-year-old German luggage business, collaborating with current brands like Supreme and Virgil Abloh’s Off-White. Rimowa debuted plenty of new goods last year under Arnault’s leadership, including backpacks and sunglasses.
“Even before the pandemic, we thought that our products needed to be more part of people’s everyday lives rather than just being at the airport or in the hotel room at the destination,” Arnault told Business Insider in a phone interview in November.
Since 1989, his father, Bernard Arnault, has overseen LVMH. According to Bloomberg’s Billionaires Index, Bernard is by far the richest person in Europe and the fourth wealthiest person in the world, with a net worth of $117 billion. Bernard’s net worth was wiped out by more than $30 billion in the early months of the pandemic, as retail stores were forced to close and LVMH’s stock price fell. However, his empire has subsequently recovered, and his net worth is now $8 billion higher than it was before the outbreak.
Hugues Bonnet-Masimbert, Rimowa’s former executive vice president of sales and client operations who also spent ten years at Louis Vuitton, will be the company’s new CEO.
“At my side for the past three years, Hugues has been one of the primary artisans behind this success, and I am delighted to see him promoted to this new role,” Arnault said in a press release.
According to Arnault’s Instagram, his first day at Tiffany & Co. in his new home city of New York City was Friday, and he followed up his big announcement with a photo of his Tiffany work badge.