LVMH’s Stephane Bianchi Promoted in Top Management Reshuffle

FILE PHOTO: Stephane Bianchi, CEO of Watches and Jewellery of LVMH, is seen during the Watches and Wonders fair in Geneva, Switzerland March 27, 2023. REUTERS/Denis Balibouse/File Photo
FILE PHOTO: Stephane Bianchi, CEO of Watches and Jewellery of LVMH, is seen during the Watches and Wonders fair in Geneva, Switzerland March 27, 2023. REUTERS/Denis Balibouse/File Photo
TT

LVMH’s Stephane Bianchi Promoted in Top Management Reshuffle

FILE PHOTO: Stephane Bianchi, CEO of Watches and Jewellery of LVMH, is seen during the Watches and Wonders fair in Geneva, Switzerland March 27, 2023. REUTERS/Denis Balibouse/File Photo
FILE PHOTO: Stephane Bianchi, CEO of Watches and Jewellery of LVMH, is seen during the Watches and Wonders fair in Geneva, Switzerland March 27, 2023. REUTERS/Denis Balibouse/File Photo

LVMH's group managing director Toni Belloni will step down, the company said on Thursday, with Stephane Bianchi taking over his operational functions as a younger generation moves up the ranks of the world's biggest luxury group.
The move is a rare top management reshuffle at Europe's second-largest listed company, worth 425 billion euros ($461 billion).
Bianchi, 59, will chair the group's executive committee, and, alongside LVMH chairman and CEO Bernard Arnault, take up strategic and operational supervision of its labels, LVMH said.
Long-time retail executive Bianchi joined LVMH in 2018 and has moved up quickly through the ranks. He started out as chief executive of watch label Tag Heuer and the watchmaking division of the company. Two years later, his division was enlarged to encompass jewelry, and now includes Tiffany & Co.
In his current role, Bianchi oversees Bernard Arnault's sons Frederic Arnault, CEO of LVMH watches, and Alexandre Arnault, executive vice president in charge of product and communications at Tiffany.
All five of Bernard Arnault's children hold key management positions in the group, Reuters reported.
Arnault, who turned 75 this month, has not shown any signs of stepping back. Two years ago, LVMH changed its bylaws to raise the maximum age of its CEO to 80 from 75.
LVMH also said on Thursday that it would nominate Wei Sun Christianson, a former Morgan Stanley executive with extensive experience in China, to the board of directors at its annual general meeting on April 18.
Belloni, 70, will remain at the group, in charge of strategic missions for Bernard Arnault and president of LVMH Italy.



Nike to Launch New Women's Fitness Brand with Kim Kardashian's Skims

The logo of Dow Jones Industrial Average stock market index listed company Nike (NKE) is seen in Los Angeles, California, United States, April 12, 2016. (Reuters)
The logo of Dow Jones Industrial Average stock market index listed company Nike (NKE) is seen in Los Angeles, California, United States, April 12, 2016. (Reuters)
TT

Nike to Launch New Women's Fitness Brand with Kim Kardashian's Skims

The logo of Dow Jones Industrial Average stock market index listed company Nike (NKE) is seen in Los Angeles, California, United States, April 12, 2016. (Reuters)
The logo of Dow Jones Industrial Average stock market index listed company Nike (NKE) is seen in Los Angeles, California, United States, April 12, 2016. (Reuters)

Nike will launch a new women's activewear brand in the US this spring in partnership with Kim Kardashian-owned shapewear clothing company Skims, as CEO Elliott Hill works to bolster its portfolio to better compete with upstart brands.

Product innovation and a return to focus on its core sports roots have been at the forefront of Hill's mission to revive sales at Nike, which have been lagging strong growth at Hoka and New Balance, Reuters reported.

The company's bid to appeal to women, who made up about 40% of its customers in 2023, was evident in Nike's first Super Bowl ad in nearly three decades, featuring star women athletes including Jordan Chiles, Caitlin Clark, Sha'Carri Richardson, A'ja Wilson and Sabrina Ionescu.

Skims was launched in 2019 and is valued at around $4 billion. It has seen a strong demand for its shapewear.

Nike said on Tuesday the new brand, called NikeSKIMS, would include training apparel, footwear and accessories for women.

The first collection will be launched at some retail locations in the US as well as at NikeSKIMS' website. The brand would launch globally in 2026, expanding into more retail locations, as well as in the wholesale segment.

The brand would sit alongside other names under Nike's kitty, including Converse, Jordan, ACG and Nike SB.

Nike's shares were up 3% on Tuesday.