THE WHAT? Christian Dior has appointed Xavier Musca and Tony Estanguet to its board, replacing two independent directors ahead of a planned restructuring of the Arnault family’s holdings in Dior and LVMH.
THE DETAILS Musca, a former senior executive at Crédit Agricole, and Estanguet, who headed the organising committee for the Paris 2024 Olympics, replace Nicolas Bazire and Maria Luisa Loro Piana. The appointments come as the Arnault family prepares to merge Christian Dior with its holding company, Agache, which currently owns 96 percent of Dior’s shares and 97.1 percent of its voting rights. The combined entity, retaining the Agache name, will directly control 49.76 percent of LVMH’s share capital and 65.55 percent of its voting rights. The merger is expected in December and will include a tender offer for the remaining 2.44 percent of Christian Dior shares not owned by Agache.
THE WHY? The board changes come ahead of a restructuring designed to simplify the Arnault family’s ownership structure and consolidate its control over LVMH, the luxury group whose beauty portfolio includes Dior, Guerlain, Givenchy and Benefit Cosmetics.
Source: Reuters
