LVMH this week appointed the son of Bernard Arnault, heir to the LVMH luxury conglomerate, as chief executive officer of the company’s fashion and leather goods division, Salvatore Ferragamo. And an insider familiar with LVMH strategies said it makes a lot of sense, given the strength of the Arnault clan in luxury.
Grosjean, 31, has spent the last year as president of the division, but he hasn’t had that title since Arnault family members began eyeing succession earlier this year. Arnault’s already-aided succession plan put Albert Heraud, a member of LVMH’s executive committee and president of subsidiary company Kering, in charge of day-to-day operations at the group and a company insider said Grosjean’s appointment reinforced the family’s concerns about succession. Heraud will remain as a non-executive chairman of Salvatore Ferragamo.
The other Arnault son, Paul, has spent his working career largely outside of the family’s primary job. Grosjean has worked on investments and startup companies, including investments in two tech companies, AutoAD Ices and Interview Magazine, in addition to a venture capital fund for start-ups in health, consumer services and travel.