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LVMH Names Frederic Arnault CEO of LVMH Watches

Frederic Arnault, CEO of Tag Heuer, part of LVMH, is seen during the brand keynote at the Watches and Wonders fair in Geneva, Switzerland March 27, 2023. (Reuters)
Frederic Arnault, CEO of Tag Heuer, part of LVMH, is seen during the brand keynote at the Watches and Wonders fair in Geneva, Switzerland March 27, 2023. (Reuters)
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LVMH Names Frederic Arnault CEO of LVMH Watches

Frederic Arnault, CEO of Tag Heuer, part of LVMH, is seen during the brand keynote at the Watches and Wonders fair in Geneva, Switzerland March 27, 2023. (Reuters)
Frederic Arnault, CEO of Tag Heuer, part of LVMH, is seen during the brand keynote at the Watches and Wonders fair in Geneva, Switzerland March 27, 2023. (Reuters)

LVMH has named Frederic Arnault Chief Executive Officer of LVMH Watches, overseeing the TAG Heuer, Hublot and Zenith brands, the luxury group said on Friday.

Arnault, one of LVMH chairman and CEO Bernard Arnault's five children, has worked for Tag Heuer since 2017. The executive will continue to report to the watches and jewellery division CEO Stephane Bianchi.

Arnault's promotion is part of a broader reshuffle that includes the move of Zenith CEO Julien Tornare to replace him at Tag Heuer, and the recruitment of Benoit de Clerck, a former Richemont executive, to run Zenith.

Bernard Arnault's children hold top management positions at brands in the sprawling luxury conglomerate.

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Fashion

Report: L'Oreal in Talks to Buy Migros’ South Korean Cosmetic Unit

The logo of French cosmetics group L'Oreal is seen on a company building in Paris, France, February 7, 2024. (Reuters)
The logo of French cosmetics group L'Oreal is seen on a company building in Paris, France, February 7, 2024. (Reuters)
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Report: L'Oreal in Talks to Buy Migros’ South Korean Cosmetic Unit

The logo of French cosmetics group L'Oreal is seen on a company building in Paris, France, February 7, 2024. (Reuters)
The logo of French cosmetics group L'Oreal is seen on a company building in Paris, France, February 7, 2024. (Reuters)

French cosmetics giant L'Oreal is in final talks to acquire the South Korean skincare business Gowoonsesang Cosmetics owned by Mibelle Group, a unit of Swiss retailer Migros, according to two sources with knowledge of the deal.

An announcement could be made as soon as Monday, one of the people said.

A spokesperson for Migros said it did not comment on market rumors. L'Oreal did not respond to multiple requests for comment.

Mibelle acquired its stake in South Korean Gowoonsesang Cosmetics, which sells skin care products under the Dr.G brand, in 2018.

In February, Migros announced a strategic review for Mibelle Group, saying it wanted to find a new owner for the business.

Mibelle produces cosmetics for its own brands, including Dr.G, Imbue., Lee Stafford, and Mine, as well as for other brands, according to its website.

Dr.G is the No. 1 facial care line in the Korean dermocosmetics market, according to the Mibelle website.

Spanish investment bank Alantra was hired as adviser after the strategic review, to look for buyers for the business, one of the sources said.

A spokesperson for Alantra declined to comment.

Mibelle employs 1,615 people in five countries, with revenues of 661 million Swiss francs ($739.04)in 2023, according to its website.