Moncler SpA is set to appoint a son of billionaire LVMH founder Bernard Arnault to its board after a deal with the French luxury group last year.
The Italian fashion company is nominating Arnault’s third child, Alexandre Arnault, 32, who is currently deputy chief executive officer of LVMH’s wines and spirits unit Moët Hennessy.
He is also on the board member of Birkenstock Holding Plc, the sandal maker in which Arnault-backed private equity firm L Catterton is an investor.
LVMH invested in Moncler last year when it bought a 10 percent stake in Double R, the Milan-listed outerwear company’s largest shareholder and the investment vehicle of CEO Remo Ruffini. Arnault’s appointment is expected to happen after Moncler’s annual shareholders’ meeting on Apr. 16, according to a filing.
Moncler also plans to name Sue Y. Nabi, CEO of cosmetics and fragrance maker Coty Inc, to its board, along with Francois-Henry Bennahmias, the former CEO of watchmaker Audemars Piguet. Both moves will be seen as an effort to boost oversight of Moncler’s luxury and beauty business.
Moncler struck a license deal to offer fragrances with Interparfums SA five years ago. That agreement is set to expire at the end of next year, though it includes a potential five-year extension.
By Angelina Rascouet
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