The change will mean that the family holding company will be controlled by Agache Commandite SAS, with share capital held equally by Arnault’s five children, who all hold senior management positions at LVMH.

LVMH Chairman and CEO Arnault is currently 73 and has not publicly named a successor for the luxury empire. However, company laws in France were adjusted in April to raise the maximum age of CEO from 75 to 80.

The Arnault family, according to regulatory filing, owns 47.99% of LVMH through various legal entities and has 63.5% of voting rights.

Source: Reuters