By Scott Kanowsky
Investing.com -- Fashion giant LVMH Moët Hennessy Louis Vuitton SE (EPA:LVMH) has announced that Pietro Beccari will become the new chairman and chief executive officer of its Louis Vuitton brand as part of a broad reshuffle of the group's leadership.
According to a statement from the company, Beccari will replace Michael Burke, who will take up new responsibilities, including reporting directly to LVMH chairman Bernard Arnault.
The head of Christian Dior Couture since 2018, Beccari was credited with finding designers that have helped reinvigorate the Dior name. He will be succeeded at Dior by former Louis Vuitton executive vice president Delphine Arnault, the daughter of the LVMH chief.
The shake-up will also see Charles Delapalme become managing director of Dior. Meanwhile, LVMH's watches and jewelry division head Stéphane Bianchi will now oversee the Tiffany and Repossi brands, which will join the unit.
Shares in LVMH were higher in early trading on Wednesday.