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LVMH chief said to be looking to his children to succeed him

Published:  01 October, 2013

Louis Vuitton Moët Hennessy's chief executive officer, 64-year-old Bernard Arnault, may be grooming both his son Antoine and daughter Delphine as possible successors to the world's largest luxury goods company, according to Bloomberg News Agency.

Arnault, France's wealthiest man, controls 46.5% of the voting rights in place and has indicated he expects a relative to replace him. This comes on the back of Delphine Arnault being promoted to executive vice-president of Louis Vuitton early last month.

The wine and spirits arm of the luxury brand behemoth include Moët & Chandon, Dom Pérignon, Krug, Veuve Clicquot, Mercier, Château d'Yquem, Hennessy, Glenmorangie, Belvedere, Ardbeg, Ruinart and 10 Cane rum.

According to LVMH's Q1 revenue report, wine and spirits brought in €979 million, up €53 million over Q1 2012, which came almost entirely from growth in the Cognac and spirits arm of the business. Champagne and wine were responsible for €350 million in revenue, and Cognac and spirits were responsible for €629 million in revenue.