The new year brings a new chapter for luxury group LVMH's fashion division. After six years as the chief executive officer of LVMH Fashion Group, Sidney Toledano is stepping down from this role. Michael Burke will take on the role of CEO.
After joining the Arnault Group where he oversaw investments in the United States, Michael Burke led the American subsidiary of Dior from 1986 to 1992, followed by Louis Vuitton from 1992 to 1997. In 1997, he was appointed CEO of Dior and in 2003, the president and CEO of Fendi.
In 2012, he successively became the CEO of Bulgari and the President and CEO of Louis Vuitton. In January 2021, he also became the non-executive chairman of the board of directors at Tiffany & Co.
Since February 2023, Michael Burke has been a counsellor to the president, and a member of the board of directors of The Fédération de la Haute Couture et de la Mode (FHCM) since 2016.
Michael Burke to take over as CEO of LVMH Fashion Group
As the CEO of LVMH Fashion Group, Michael Burke will be responsible for overseeing the brands of the group, including Louis Vuitton, Loewe, Marc Jacobs, Patou, Celine, and Givenchy, among others.
Commenting on the news in a release, Burke said in a statement:"I am proud and honoured to have the trust of Bernard Arnault, who, after more than 40 years by his side, is now offering me an exciting and challenging opportunity as the leader of LVMH Fashion Group, home to so many iconic Maisons.”
He continued: ”Like him and Sidney, whom I succeed, I am an advocate for the long term strategy, craftsmanship, creativity, and excellence. These are the ingredients that will be part of the recipe I plan to develop with the teams of these Maisons to further enhance their desirability and set new records.”
”Sidney, with whom I share over 30 years of friendship, adventures, and camaraderie, has done a tremendous job leading these Maisons by fostering their creativity and sharing his unique leadership experience. I fully embrace the ambition to take the magic of these extraordinary Maisons to a new level, rich in their innovation, history, and craftsmanship," Michael Burke concluded his statement.
As the executive prepares to take on his new role as the CEO of LVMH Fashion Group, his predecessor, Sidney Toledano, has been appointed as an advisor to Bernard Arnault and will be leaving the group's executive committee. These changes will be effective from February 1, 2024.
Having worked with several major houses within the group, Sidney Toledano is particularly known for his leadership at Dior. Appointed as CEO of Dior in 1998, he worked on the brand's development and successfully positioned Christian Dior as the leading luxury brand.
At the beginning of January, LVMH Group announced the appointment of Frédéric Arnault, son of Bernard Arnault, to head its new watches division entitled LVMH Watches.
At the end of November, his older brother Antoine Arnault announced that he was stepping down as CEO of Berluti, of which he remains chairman.
This article was originally published on FashionUnited.FR. Translation and edit from French into English: Veerle Versteeg.
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