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LVMH announced Thursday that it had appointed Cécile Cabanis as group financial director, where she will succeed Jean-Jacques Guiony as of February 1, 2025.
Jean-Jacques Guiony, for his part, will be appointed as of this same date Chairman and CEO of the Wines and Spirits branch, Moët Hennessy, replacing Philippe Schaus, specifies LVMH in a press release.
Although the appointment of Cécile Cabanis, who joined the group last June as deputy financial director, was widely anticipated, that of Jean-Jacques Guiony comes as a surprise.
In October, LVMH denied a report from the investigative media La Lettre mentioning a possible reshuffle of the management of the wine and spirits division, due to the drop in sales in the United States and China.
In October, the French luxury giant posted its first decline in quarterly sales since the start of the COVID-19 crisis, disappointing expectations and sending a worrying signal to investors about the sector's prospects.
The group then reported an 8% decline in sales of wines and spirits over nine months, in particular due to customs duties on cognac in China.
Philippe Schaus, after more than 21 years within the group, 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.
(Written by Elena Smirnova, edited by Augustin Turpin)
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