In a wide-ranging reshuffle, LVMH Moët Hennessy Louis Vuitton today appointed Pietro Beccari chief executive officer of
Toledano will replace Pierre-Yves Roussel, who held the title of chairman and ceo of LVMH Fashion Group, and who will remain with the group as a special advisor to LVMH chairman and ceo
The heads of Céline, Givenchy, Kenzo, Loewe, Marc Jacobs, Pucci, Rossi Moda and Nicholas Kirkwood will report to Toledano. Roussel will shortly take on new operational responsibilities with the LVMH executive committee, of which he has been a member for 14 years.
The moves follow months of speculation following LVMH's 6.5-billion-euro acquisition of Christian Dior Couture in July, reuniting its fashion and fragrance activities under a single umbrella, and making Dior the second-largest brand in the group's fashion division, behind Louis Vuitton and ahead of Fendi.
Toledano joined Dior in 1994, rapidly making his mark with the launch of the Lady Dior handbag, which remains a bestseller for the brand. He was promoted to ceo in 1998, and since then has overseen a tenfold increase in the brand's revenues.
Beccari will join Dior from Fendi, which he helped to propel beyond the billion-euro revenue mark by dropping its ubiquitous logo bags in favor of more upscale products, in addition to developing lifestyle destinations like Palazzo Fendi in Rome, comprising a boutique hotel and Zuma restaurant.
"The appointment of Pietro Beccari as head of Christian Dior Couture signals a new era," Arnault said in the statement. "He will be an excellent leader who will steer Dior towards ever greater success in the future."
Regarding Toledano, Arnault said: "Sidney Toledano is the driving force behind the huge success of Christian Dior Couture across the world. Over the past 25 years, he has done an outstanding job of developing the exceptional house of Christian Dior Couture and of promoting its elegance and modernity through its highly talented team of designers. I want to offer my profound gratitude and am delighted that we will continue to work together and benefit from his expertise."
The LVMH chief also thanked Roussel for his "excellent" work at the Fashion Group over the last decade. "In particular, he has played an instrumental role in the selection of the best creative talents and in implementing innovative strategies and high-performing teams within the different houses," Arnault said.
The appointments will take effect from the beginning of 2018.
Luisa Zargani also contributed to this story.