By James Davis
The World’s second-richest man, Bernard Arnault, has a decision to make in regards to which of his children will inherit his luxury empire. Arnault, 74, owns LVMH, a company that controls top brands, including Dior, Loius Vuitton, Tiffany & Co., Dom Perignon, Tag Heuer, and 70 others.
His decision is consequential as it is expected to shape the future of LVMH. Arnault’s choice is also likely to impact emerging technologies like blockchain. That’s if he picks either of his crypto-friendly sons, Frederic and Alexandre. The former serves as Tiffany’s director of product and communication, while the latter is TAG Heuer’s CEO.
The two sons have, in recent months, encouraged their father to adopt blockchain technology. They want him to embrace the nascent technology in four specific brands, including Dior, Tiffany, TAG Heuer, and Louis Vuitton.
Besides blockchain, if Frederic or Alexandre were to succeed Arnault and take charge of LVMH, artificial intelligence would be another technology that is likely to be embraced, especially on these LVMH-owned brands: Veuve Clicquot, Hennessy, Dom Perignon, Givenchy, and Bulgari.
Given the size and popularity of LVMH, if the company adopts the two emerging technologies, it will influence other players in the fashion and luxury industries to follow suit.
Other Arnault’s Children Contesting for the Top Seat
Meanwhile, the pro-crypto sons are not the only children eyeing to succeed Arnault. The billionaire has three more children working at management levels in LVMH brands. They include Delphine, Arnault’s only daughter serving as Dior’s CEO; Antoine, who runs fashion brands Loro Piana and Berluti; and Jean, who heads the watch division at Louis Vuitton.
Times’ recent article claimed that Arnault takes his five children for lunch every end of the month in an effort to understand whether they are ready to succeed him. Recently, the billionaire businessman convinced LVMH’s board to adjust the retirement age for CEOs to 80 from 75. Many believe the move was meant to give room for Arnault to continue evaluating his children.
All said, which Arnault’s child ends up taking charge of LVMH will be a decision that will have an impact not only on the luxury and fashion sectors but also on the adoption of blockchain and crypto by big traditional companies.