MILAN (Reuters) – French luxury group LVMH, which last year bought a minority stake in Moncler’s top shareholder, has proposed Alexandre Arnault as a member for the new board of the Italian luxury outerwear group.
Moncler’s shareholders are expected to gather on April 16 to vote on the expansion of the number of board members from 12 to 15 and appoint the new members.
Alexandre Arnault, one of LVMH CEO Bernard Arnault’s five children vying for more responsibility in their father’s empire, was recently appointed deputy CEO at LVMH’s $6 billion wine and spirits business.
Last September the French luxury conglomerate purchased a 10% stake in Double R, Moncler’s top investor. As part of the deal, LVMH got the right to appoint two board members at Double R and one board member at Moncler.
(Reporting by Elisa Anzolin; Editing by Keith Weir)
