Arnault restructures holding company to ensure family control of LVMH
The French billionaire Bernard Arnault is turning his holding company Agache into a joint-stock partnership to guarantee that its control over the LVMH group will be maintained in the long term
In a statement, Arnault added that the conversion will not affect the current shareholding of Agache. It means, instead, that the control of the holding company will be exercised by Agache Commandite SAS, whose share capital will be held equally by the five children of the current CEO and Chairman of LVMH. In this set-up, he will be the managing general partner of Agache.
Earlier this year, shareholders approved a plan to lift the limit of the retirement age of LVMH's chief executive from 75 to 80. Arnault, the current chief, is 73 and has not publicly named a successor for the luxury empire he built through acquisitions. All of his five children hold senior management positions at labels in the group.
According to a regulatory filing, the Arnault family, through various legal entities, owns 47.99% of LVMH and has 63.5% of voting rights in the luxury group.
Image Credits: lvmh.com
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