2024-01-05 15:26:15
Frédéric Arnault is appointed head of the Watches division of LVMH. (/Ludovic MARIN)
The son of billionaire Bernard Arnault, one of the richest people in the world, was until now CEO of Swiss Tag Heuer. In these new functions, he will “report” to Stéphane Bianci, CEO of the Watches and Jewelry division of LVMH, according to the internal press release confirming Anglo-Saxon press information.
“Frédéric has accomplished remarkable work at Tag Heuer over the last six years,” greets Stéphane Bianci quoted in the press release. “His unique and disruptive vision of the watch industry has enabled Tag Heuer to experience a spectacular transformation,” he adds, saying he is “excited to see how his vision and knowledge will contribute to accelerating even further.” growth” of the group’s watch brands.
Frédéric Arnault, a polytechnician like his father, began his career at the consulting firm McKinsey before joining Facebook’s artificial intelligence research center. He joined Tag Heuer in 2017 to manage the smartwatch business before being named CEO of the brand in 2020.
LVMH does not communicate on the turnover of its brands but according to the specialized site Women’s wear daily, Tag Heuer reached around 780 million euros in sales in 2022. Over the first nine months of 2023, the Watches and Jewelry section of LVMH (which achieved 62 billion euros in sales) totaled a turnover of almost 8 billion euros.
Julien Tornare, CEO of Zénith since 2017, succeeds Frédéric Arnault at the head of Tag Heuer. Benoît de Clerck, who spent 25 years at LVMH competitor Richemont, where he was most recently commercial director of the Italian watch brand Panerai, is named CEO of Zénith.
Both of them, as well as Ricardo Guadalupe, CEO of Hublot, will report to Frédéric Arnault.
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