Photo by Valeriia Slobodeniuk
LVMH has announced the appointment of Jean-Christophe Babin as the new CEO of its watches division, selecting an experienced executive from within the organization to succeed Frederic Arnault, as stated by the company on Friday.
This decision comes amid a series of significant management changes at LVMH, as the five children of Chairman and CEO Bernard Arnault ascend within the luxury conglomerate. Frederic Arnault has recently been assigned to lead the rapidly expanding Italian cashmere brand, Loro Piana.
The watches division has faced challenges due to a decline in demand, as consumers dealing with inflation are reducing their high-end purchases, resulting in a 2 percent decrease in sales for the watches and jewellery division last year. Babin has led LVMH’s Italian brand Bulgari for the past 12 years and previously held a similar position at Tag Heuer for 12 years as well. He will continue to serve as CEO of Bulgari while assuming his new role on April 1.
