FB Roundup: Bernard Arnault, Rob Walton, Marc Puig Guasch
Bernard Arnault’s sons join him on LVMH board
Alexandre and Frédéric Arnault have been voted onto the board of luxury goods empire LVMH, joining their father, the current world’s richest man, Bernard Arnault.
The move further cements the family’s control of the French multinational with four of Bernard Arnault’s five children now sitting on the board.
Alexandre, 31, who is the executive vice-president of Tiffany, and Frédéric, 29, who is the CEO of Swiss luxury watchmaker Tag Heuer, join their older half-siblings Delphine, 49, and Antoine, 46, on the board after each of the new additions received a vote of more than 93% at a recent shareholder meeting.
Bloomberg reports, ‘The Arnault family group holds 48.6% of LVMH’s capital and 64.3% of the votes, a fact Arnault acknowledged shortly ahead of the proceedings. “I’ve got the majority of votes, so …”’
Bernard Arnault’s son Jean, 26, is the only child left remaining to join the LVMH board - “He has time, he’s young,” Bernard Arnault reportedly said.
Bloomberg also reports that ‘LVMH (Moët Hennessy Louis Vuitton) nominated Wei Sun Christianson to succeed Antonio Belloni, the group’s number two, who announced his departure at the end of March.
Christianson, who joins from American investment bank Morgan Stanley, is “a great expert on business in China”, said Arnault, stressing the value of the country’s market.
“The group has a strong presence in China, so it’s important to have precise views on what’s happening,” he added.
Walmart heir Rob Walton retiring from the company's board after more than 40 years
Billionaire Rob Walton is reportedly stepping down from the board of Walmart, his family's company.
The American multinational retail corporation announced that the 79-year-old eldest son of founder Sam Walton will retire after more than 40 years on the board as its longest-serving member. He joined Walmart in 1969 and will step down at the end of his current term in June, the company said.
As reported by Reuters, “Walton served as the company's chairman of the board of directors after his father died in 1992 and held the post until June 2015. He was replaced by his son-in-law Greg Penner, who remains chairman of the world's largest retailer.”
During Walton's tenure as chairman, Walmart grew its sales from about $44 billion to $482 billion to become the biggest US retailer. In its most recent year ended January 31, 2024, Walmart reported sales of $648.1 billion, much of its success down to persistent inflation leading customers to shop at its discount stores.
"His leadership has been critical as we've grown our business over so many years," said Penner following the announcement of Walton's retirement.
Walton is the 19th richest man in the world with a net worth of $77.4 billion, according to Forbes. Much of his wealth is tied to the Walton Enterprises and his stakes in sports teams such as the National Football League's Denver Broncos.
The Walton family is the richest family in America thanks to their estimated 45% stake in the retailer, according to Forbes.
Spanish luxury goods firm Puig go public
Spanish fashion and fragrance firm Puig, owned by the eponymous family, has made a highly anticipated and successful initial public offering (IPO) debut on the stock market.
The company, which owns prominent brands like Dries Van Noten, Byredo and Charlotte Tilbury, sought to raise 2.6 billion euros, with a share price guidance of 24.50 euros per share, according to reports from Bloomberg.
“Following the IPO, the Puig family will retain control, maintaining more than 90 percent of voting rights through their Class A shares, each carrying five votes compared to one for Class B stock. Proceeds from the offering will be directed towards refinancing recent acquisitions, debt reduction, and future investments,” Bloomberg said.
Led by CEO and third-generation principal Marc Puig Guasch, the Barcelona-based Puig was founded in 1914 by Antonio Puig. The group is much known for its family and business values and was previously awarded the IMD-Lombard Odier Global Family Business Award.
