Crypto Advocates Among Arnault Heirs: LVMH's Succession in Focus
The luxury conglomerate LVMH, headed by CEO Bernard Arnault, is facing a pivotal moment in its history as the business magnate decides which of his five children will inherit his vast empire.
This decision could significantly impact the adoption of crypto and blockchain technology within the luxury industry, crypto news outlet Decrypt reported on Friday.
Two of Arnault's sons, Alexandre, and Frédéric, have been instrumental in pushing blockchain technology and non-fungible tokens (NFTs) within LVMH's portfolio companies.
If either of them assumes control of LVMH, it is likely that blockchain and other cutting-edge technologies, such as artificial intelligence (AI), will play a more central role in the group's strategy.
This shift could affect luxury brands like Louis Vuitton, Tiffany, TAG Heuer, and Dior, which are all under the LVMH umbrella.
Already, Louis Vuitton has dipped its toe in crypto with a non-fungible token (NFT) trunk project announced in June this year, while Dior has unveiled a new line of men's sneakers that leverages Ethereum to offer a matching NFT.
Meanwhile, in January last year, Arnault suggested that LVMH had more plans for NFTs and the metaverse, saying during an earnings call that:
"We have to see what will be the applications of the metaverse and NFTs. It can undoubtedly have a positive impact — if it is well done — on the activity of the brands, but it is not our objective to sell virtual sneakers at €10. We are not interested in that."
The decision regarding Arnault's successor is not only significant for the conglomerate but also for the broader luxury and fashion industries, given LVMH’s position as an industry leader with considerable influence.
Arnault's five children, all actively involved in
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