Unpacking LVMH’s Latest Executive Shuffle

Louis Vuitton chief executive Pietro Beccari is adding oversight of LVMH Fashion Group to his role, succeeding Sidney Toledano as CEO of the unit that houses the group’s smaller brands including Celine, Loewe and Givenchy.

Beccari returned to Louis Vuitton as CEO (where he had previously been chief marketing officer) in 2023 after stints leading the group’s Fendi and Christian Dior brands.

The 58 year-old executive is an energetic leader known for clarifying and unifying brands’ positioning across marketing and merchandising, as well as steering transformative, big-budget real estate projects. At Fendi, he installed the brand’s headquarters in the Rationalist landmark Palazzo della Civilità, freeing up the historic Palazzo Fendi for a multi-level flagship complete with a restaurant and hotel.

Dior sales grew four-fold to over 8 billion euros while Beccari was CEO from 2018 to 2022, according to analyst estimates. In addition to staging travelling shows in Greece, Scotland, Mexico and more while rolling out designers’ Maria Grazia Chiuri and Kim Jones’ visions across categories, the executive combined multiple addresses on Paris’ Avenue Montaigne to create a Dior megastore, complete with a museum, restaurant, patisserie and roof garden.

Beccari arrived at Louis Vuitton in 2023 as luxury shoppers were pulling back worldwide. The executive has worked to stabilise LVMH’s biggest and most profitable brand amid a multi-year dip in the handbag market. He brought on Pharrell Williams to succeed Virgil Abloh, and sought to reinvigorate the brand’s womenswear (creative-directed by Nicolas Ghesquière since 2014) with new handbag styles like the Express and by resurrecting the Vuitton’s lucrative collaboration with artist Takashi Murakami, fronted by Zendaya.

“After a rich decade of leading Dior and Louis Vuitton, I am delighted that Pietro Beccari has also agreed to bring his expertise to the LVMH Fashion Group,” LVMH’s chairman and controlling shareholder Bernard Arnault said in a statement. “Pietro is a great leader and a unique talent with boundless energy. He knows how to surround himself with talents and develop them to prepare the future of the maisons.”

Sales in LVMH’s fashion and leather goods division slipped 1 percent in 2024, then fell 6 percent year-on-year in the first nine months of 2025. Louis Vuitton’s performance has been a bit higher than the group average, chief financial officer Cécile Cabanis told investors, while other units have had a harder time navigating the industry-wide slowdown, notably Dior.

LVMH has brought in additional firepower to support Beccari — naming former Loro Piana chief Damien Bertrand as deputy CEO at Louis Vuitton — as the group leans heavily on the brand as its biggest contributor to earnings before interest and taxes. Some projects like a new Louis Vuitton hub on the Champs-Elysées (reportedly set to include the brand’s first hotel) have faced delays, but the brand is accelerating a program of store expansions aimed at reinvigorating demand in Asia. A new flagship shaped like a steamer ship has lifted traffic in Shanghai, and is set to be followed by mega-store openings in Seoul, Beijing and Bangkok.

At the fashion group, Beccari takes over from Sidney Toledano who is stepping back from operational duties after working alongside LVMH chairman Bernard Arnault for decades. Toledano was CEO of Christian Dior from 1998 through 2017, before taking over the Fashion Group in a period of rapid growth powered by designer-driven revamps at Celine (under Hedi Slimane) and Loewe (Jonathan Anderson).

Toledano had previously stepped aside in early 2024, only to return within just a few months to help hire and onboard new leadership at Givenchy, Celine, Loewe and Fendi as a wave of designer changes swept the luxury sector. He is staying on at the group as a special adviser.

“I would like to warmly thank Sidney Toledano, who has been by my side for over 30

years and has always been present, in all circumstances, with determination, talent and loyalty,” Arnault said.

In addition to Toledano, other key figures to have exited the group or stepped back from operations in recent years include managing director Toni Belloni and selective retailing chief Chris Delapuente.

As Arnault, aged 76, prepares his succession, he’s turned to trusted executives and members of his family to lead the charge on difficult dossiers. Longtime CFO Jean-Jacques Guiony is working to revamp a struggling wine and spirits division in tandem with Alexandre Arnault. Delphine Arnault is piloting Dior’s relaunch under designer Jonathan Anderson, while Frédéric Arnault was named CEO of Loro Piana in June.

Beccari’s expanded role gives him vast oversight of all of LVMH’s fashion brands excepting Dior and Loro Piana. The structure mirrors a setup LVMH had decades ago, when Louis Vuitton’s CEO Yves Carcelle also looked after the group’s smaller brands, serving as Bernard Arnault’s go-to deputy for all things fashion with the exception of Dior.

But times have changed, and the conglomerate’s smaller brands are no longer that small: Celine and Loewe have built billion-plus businesses in recent years. Roman mega-brand Fendi has also been added to the Fashion Group portfolio.

Fendi will be a top priority for Beccari as it onboards former Dior designer Maria Grazia Chiuri as its chief creative officer (announced in October). The unit is also managing the commercial roll-out of new designer visions at Celine, Givenchy and Loewe, all of which changed creative directors over the past year.

Time will tell if it makes sense for a single executive to oversee both Louis Vuitton and a cluster of other brands, which each face different challenges in today’s rocky luxury market. The conglomerate is fast-tracking the ascent of Vuitton’s current deputy CEO Damien Bertrand, who was a trusted deputy of Beccari’s at Dior before taking the top job at Loro Piana. Bertrand will join LVMH’s executive committee in January.

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