LVMH names Michael Burke as Fashion Group CEO and chair

Paris — LVMH veteran executive Michael Burke has been appointed chair and CEO of LVMH Fashion Group, overseeing all of the luxury goods group's fashion labels, it said on Thursday.

Burke — chair and CEO Bernard Arnault’s longest-serving lieutenant — replaces long-time Fashion Group head Sidney Toledano, who was named adviser to Arnault and will exit the company’s executive committee. 

Fashion Group includes Celine, Loewe, Givenchy, Marc Jacobs, Pucci and Kenzo.

Burke was CEO of LVMH’s biggest label, Louis Vuitton, until a year ago, headed labels Fendi and Bulgari and served as chair of the board of Tiffany, LVMH’s largest acquisition.

“I am a great believer in long-term vision,” Burke, noting he has worked with Arnault for 40 years, said in Thursday’s statement.

One of the fashion industry’s most influential executives, Burke oversaw soaring growth at Louis Vuitton, the world’s largest luxury label.

Burke was also a mentor to Arnault’s daughter Delphine Arnault, who is head of Dior.

All of Arnault’s children hold top management positions at LVMH, each closely watched for signs one of them could eventually succeed Bernard Arnault, who has not signalled plans to step down any time soon.

Frederic Arnault was promoted to the role of CEO of LVMH Watches earlier this month.

Toledano, who also headed LVMH’s second-largest label Dior for 20 years, will remain involved in the French fashion industry as a member of the executive committee of the sector’s Federation de la Haute Couture et de la Mode and board member of French luxury lobby group Comite Colbert.

The appointments are effective February 1.

Reuters