About a year ago we wrote of how the Arnault family is the real-life Succession family, and how much they seem to enjoy promoting non-achieving family members despite their non achievements, if anyone's interested, that's here. In that same article we wrote about how despite Frederique Arnault's tenure at Tag Heuer seeing Tag's popularity declining, they were being named as the head of LVMH's entire watch division.
Well, it appears that failing upwards is real. According to this article from Professional Jeweller, LVMH's Watches & Jewellery sales have declined 2% under Frederique, and profit from recurring operations has fallen by 28%. However, the young fellow, and we do say young as they are 29 years old, is the named new head of Loro Piana.
Who knows what this will result in. Loro Piana can't become much worse than it is, it's currently pretty stale and rather bland. But we have confidence in Freqerique, we think they might be able to destroy this brand completely.
In all seriousness, this is, as the title suggests, the most blatant nepotism. But, to be fair and balanced, wouldn't you do the same in Bernard Arnault's shoes? After all, you can only really trust blood at the end of the day, and letting his children fail while experiencing a range of the luxury empire's brands means they will have fingers in a lot of pies, and a overview of all the groups operations. Ready to take the reigns, and keep it firmly in the family. Or they'll all spectacularly fail and destroy it completely. Either way, you'd probably still do the same thing.
Posts
No comments:
Post a Comment