LVMH Announces Major Leadership Shakeup at Moët Hennessy

LVMH has announced a major leadership shakeup at Moët Hennessy, aimed at reviving the struggling wine and spirits division. Jean-Jacques Guiony will take over as CEO on February 1, stepping into the role to address underperformance that has seen an 8% drop in sales over the first three quarters of the year. The slowdown has been particularly pronounced in key markets like the United States and China, making Moët Hennessy the weakest segment in the luxury group's portfolio, which has otherwise seen strong returns from fashion and jewelry.

Guiony has been with LVMH for over 20 years, overseeing projects like the extensive redevelopment of La Samaritaine in Paris into a flagship shopping and tourism hub. He is expected to apply his financial expertise to address issues like declining Cognac exports to China and to anticipate the potential impact of new tariffs affecting the U.S. market. Alexandre Arnault, son of LVMH founder Bernard Arnault, will join Moët Hennessy in a prominent capacity after serving as executive vice president of product and communications at Tiffany & Co. Known for revitalizing Tiffany's market appeal, Arnault's influence and high-profile connections, including a relationship with former President Donald Trump, could be critical in managing complex regulatory challenges in the U.S.

Cecile Cabanis, who came on board in June, will step in as CFO of LVMH sooner than planned, taking over from Guiony. Originally anticipated to succeed him after an 18-month transition, Cabanis will now assume the role ahead of schedule. Philippe Schaus, the outgoing CEO of Moët Hennessy, will stay on until mid-2025 to oversee the leadership transition. Schaus, a 21-year LVMH veteran, will move on to non-executive roles afterward. His tenure saw strategic moves like the acquisition of 1.3 hectares of vineyards in Burgundy.

Further changes include the appointment of Charles Delapalme as the incoming president and CEO of Hennessy. Delapalme, who previously served as managing director of Christian Dior Couture, will take over from Laurent Boillot after a transition period. This series of appointments comes as LVMH tries to reinvigorate one of its most historic yet challenged divisions.