High-end luxury brand LVMH Moet Hennessy Louis Vuitton’s (GB:0HAU)(LVMUY) CEO Bernard Arnault has announced major changes in the leadership at two of its subsidiaries. The changes are expected to take effect next month.
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Long-time Louis Vuitton leader Michael Burke will be replaced by Christian Dior’s current head, Pietro Beccari. Burke is, however, expected to continue to report to Arnault and assume new duties not disclosed by the company.
Further, Delphine Arnault, would be taking the reins of Dior in her hands. It is worth highlighting that Delphine Arnault is the CEO’s daughter. She has several years of experience in the fashion industry, having worked for both top brands.
The ADR of LMVH has already gained about 10% so far in 2023. The company seems to be benefiting from relaxed COVID-19 restrictions in China, a key market for luxury products.
Is LVMH a Buy, Sell, or Hold?
The company has a Strong Buy consensus on TipRanks based on 10 Buy and two Hold recommendations. Further, analysts’ average price target of €811.73 implies 7.4% upside potential.
