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French luxury giant LVMH announced on Thursday a management reshuffle of its Wines and Spirits branch, Moët Hennessy, with the appointment of Alexandre Arnault as deputy general manager alongside veteran financial director Jean-Jacques Guiony, who will take charge of this underperforming division.
Aged 32, Alexandre Arnault, son of LVMH CEO Bernard Arnault, will leave his position as executive vice-president in charge of products, communications and industry at Tiffany & Co in the United States to take up his new role , which will come into force on February 1.
On the same date, Jean-Jacques Guiony will take up his position as CEO of Moët Hennessy and will be replaced in his current position of financial director by Cécile Cabanis, the current deputy financial director.
Jean-Jacques Guiony, who was financial director of LVMH for 20 years, will succeed Philippe Schaus, long-time leader of Moët Hennessy.
In addition to his role as financial director, Jean-Jacques Guiony is known for having overseen the transformation of the group's department store, Samaritaine, into a complex located in the center of Paris, bringing together a Cheval Blanc hotel, shops and restaurants, a complex project which lasted fifteen years and which encountered resistance from local authorities.
The new leader of Moët Hennessy will have his work cut out to restore sales in this division affected by the collapse of key markets such as the United States and China.
The division lags behind other businesses in LVMH's sprawling empire, which encompasses high-end brands from Louis Vuitton to Moët & Chandon. Sales fell 8% in the first nine months of the year, making it the group's worst-performing business.
The division's cognac sector has been particularly hit by a trade row between Europe and China, with Beijing beginning to impose tariffs on imports of wine spirits from China in early October. European Union.
Potential U.S. tariffs pose another potential threat to the sector, with President-elect Donald Trump promising additional taxes on foreign products entering the country, a key market for the division.
NEW GENERATION
After more than 21 years at LVMH, the current CEO of Moët Hennessy, Philippe Schaus, has expressed his wish to concentrate on non-executive functions. He will continue to support the new team during the first half of 2025, according to a press release from the group.
Among the other appointments announced, Charles Delapalme is appointed CEO of Maison Hennessy after a transition period with Laurent Boillot, whose new functions will be communicated later.
In recent months, Bernard Arnault has reshuffled the group's upper echelons by introducing a new generation that gradually replaces retiring executives – a process that has allowed his five children to move up the ranks.
LVMH also appointed Maud Alvarez-Pereyre as human resources director on Thursday, effective December 1. She replaces Chantal Gaemperle, who “is leaving the group to devote herself to new projects”, LVMH said on Wednesday evening.
At 11:45 GMT, LVMH shares gained 1.13% to 580.7 euros, compared to a gain of 0.9% for the CAC 40 at the same time.
(Written by Elena Smirnova, with contributions from Dominique Patton and Mimosa Spencer, edited by Augustin Turpin and Blandine Henault)
