© Reuters. FILE PHOTO: Bernard Arnault, Chairman and CEO of LVMH Moet Hennessy Louis Vuitton, speaks during a news conference to present the 2022 annual results of LVMH in Paris, France, January 26, 2023. REUTERS/Gonzalo Fuentes/File Photo
PARIS (Reuters) – LVMH, the world’s largest luxury company, on Monday named Stephane Rinderknech as chairman and CEO of its beauty division, rounding out a series of broader management changes at the owner of Guerlain and Parfums Christian Dior.
A former L’Oreal executive with extensive experience in the U.S. and Asia, Rinderknech joined LVMH in 2022 and has been heading the group’s hotels business, which he will continue to also manage.
“Stéphane has since his arrival guided the rebound of our hotel activities with considerable strategic agility, driving tremendous momentum across the entire organization,” Group Chairman and CEO Bernard Arnault in a statement Monday.
Rinderknech will take up global responsibility for the group’s beauty business, while Guerlain head Veronique Courtois becomes president and CEO of Parfums Christian Dior. Make Up For Ever head Gabrielle Saint-Genis Rodriguez will be president and CEO of Guerlain.
The changes come as luxury groups, which have been riding a strong wave of post-pandemic demand for designer labels, look to expand in their beauty activities.
Estee Lauder (NYSE:) Cos Inc late last year agreed to buy U.S. fashion label Tom Ford for $2.8 billion, its biggest deal.
French luxury goods group Kering (EPA:) said last month it was entering the cosmetics business, with the announcement that it recruited seasoned Estee Lauder executive Raffaella Cornaggia to head the push into the segment.
Arnault said Rinderknech’s appointment completes the reorganisation of the group according to categories of activity.
As part of that process, the group in January folded Tiffany into the watches and jewellery division, under the management of Stephane Bianchi.