On Thursday, LVMH finally closed its acquisition of Tiffany & Co. following an acrimonious fight which ultimately led to a reduction in price. Almost immediately after the deal closed, Tiffany’s new parent company announced an overhaul to the jeweler’s leadership team that represents a change in strategy.
Anthony Ledru and Michael Burke will take over as CEO and Chairman respectively. The former had previously worked at Tiffany and both men are men of the executive team at Louis Vuitton.
One of the most interesting appointments was that of Bernard Arnault’s son, Alexandre, who will become executive vice-president of products and communication. It may be an indication that the family’s patriarch is grooming him for a larger role within the company.
The chief goal of this new leadership team is to expand Tiffany’s market share in Asian economies, one of the strongest areas of growth for LVMH’s other luxury brands.