LVMH Replaces Tiffany CEO as Deal Closes

RAPAPORT... LVMH has shaken up Tiffany & Co.'s senior management after the French luxury group finally completed its acquisition of the iconic US jewelry brand.Anthony Ledru, previously executive vice president for global commercial activities at Louis Vuitton, will succeed Alessandro Bogliolo immediately as Tiffany's CEO, LVMH said Thursday. Ledru is returning to Tiffany, where he was senior vice president for North America between 2013 and 2014. He has also held senior roles at Harry Winston International and Cartier.Meanwhile, Alexandre Arnault, CEO of luggage company Rimowa and son of LVMH chief Bernard Arnault, will take over as Tiffany's executive vice president for product and communications, while Louis Vuitton CEO Michael Burke will become the jeweler's chairman.Bogliolo - who has headed Tiffany since 2017 - will remain with the company until January 22 to help with the transition, and will then leave. Reed Krakoff, chief artistic director, and Daniella Vitale, executive vice president and chief brand officer, will also depart after short transitions.LVMH closed the $15.8 billion acquisition Thursday following months of public disputes and threats of lawsuits. The deal will "deeply transform" LVMH's watches and jewelry division, complementing the group's 75 maisons spanning a range of luxury categories, the new owner said. "I am pleased to welcome Tiffany and all their talented employees [to] our group," Bernard Arnault commented. "We are committed to supporting Tiffany, a brand that is synonymous with love and whose Blue Box is revered around the world, with the same dedication and passion that we have applied to each of our prestigious maisons over the years."Image: A Tiffany store in Beijing, China. (Shutterstock)