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Bernard Arnault’s Succession Looms as LVMH Returns to Growth

The family’s ownership stake and voting power are rising just as LVMH begins to emerge from luxury’s prolonged downturn.

LVMH is showing its clearest signs yet of emerging from luxury’s two-year downturn, lifted by stronger U.S. spending and fresh wealth creation, even as the Arnault family faces renewed scrutiny over who will succeed 77-year-old chairman and CEO Bernard Arnault.

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The world’s largest luxury-goods company said Monday (July 27) that revenue rose 3 percent organically to €19.3 billion ($22.2 billion) in the April-June quarter, its best quarterly performance since early 2024. The regional picture was mixed, however: U.S. sales rose 6 percent in the second quarter, European spending stalled, and Chinese demand was little changed.

The timing also highlights a tighter grip on the family business. The Arnault family recently crossed the 50 percent ownership threshold in LVMH and now controls roughly two-thirds of voting rights, but Arnault has not named a successor despite having all five children in senior roles.

What’s driving LVMH’s business?

LVMH’s portfolio spans more than 75 brands, including Louis Vuitton, Dior, Tiffany & Co. and Sephora. Its financial results are a closely watched gauge of the global luxury goods market, which Bain & Company expects to reach roughly $420 billion this year.

In a statement accompanying the results, Arnault attributed the........

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