Belloni will remain at LVMH to oversee “strategic missions” for Arnault as well as serving as President of LVMH Italy.

He will be succeeded as Group Managing Director by Stéphane Bianchi, who is current CEO of the group’s watches and jewellery division.

Belloni said: “Over the past 20 years, I’ve had the privilege of sharing this life experience with dedicated and talented colleagues. Our agility, our culture of constant questioning, of striving for excellence and of valuing merit are all assets which, I am sure, will ensure the group’s long-term success.”

Source: Fashion United