Tiffany reformer and potential successor to billionaire Bernard Arnault: who is Alexandre Arnault?

Acquisition of legendary jewelry brand Tiffany & Co. by the influential conglomerate LVMH became one of the main news in the fashion industry last year. The development of the brand was entrusted to the 30-year-old son and potential successor of Bernard Arnault Alexandre. The Bloomberg edition assessed the future prospects of the brand and Alexandre Arnault himself. We present interesting excerpts from the article in our material.

For more than 30 years, Bernard Arnault has followed a simple but profitable strategy: buy reputable but slightly old-fashioned brands and try to modernize their management and marketing. The strategy works flawlessly and has already helped Arnault become the richest man in Europe and one of the richest in the world (in 2022, Forbes estimated his net worth at $137.9 billion).

Arnault made one of his biggest acquisitions last year when he bought Tiffany & Co. for 16 billion dollars and thereby strengthening the position of LVMH in the jewelry business and its presence in the United States.

Tiffany reformer and potential successor to billionaire Bernard Arnault: Bloomberg assesses Alexandre Arnault's chances in Tiffany's fashion industry.

Alexandre Arnault, the third of Bernard's five children, has taken the key position of executive vice president of products and communications, a position he can shape a brand image he admits needs a reboot. This is no small responsibility, given that Arnaud Sr. closely oversees all 75 brands in the LVMH portfolio, and Alexandre has one of the most famous brands in the world in the hands of Alexandre (thanks to Audrey Hepburn and the movie "Breakfast at Tiffany's", jewelry has become firmly established in pop culture ).

Many are watching where Tiffany will turn. But as for the father’s attention, whether you are No. 1 or No. 75, you are still under his gaze, ”Alexandre said in an interview with the publication. Like his father, Alexandre graduated from the prestigious Polytechnic School, where he studied computer science and programming, did internships at McKinsey and Fendi, and worked on the Rimowa suitcase brand before Tiffany.

Among Arnault's children, Alexandre is often described as the most enterprising. He cultivates an image of a well-connected person in the world of startups and pop culture (here it is worth mentioning the founder of Snapchat Evan Spiegel and rap guru Jay-Z), is passionate about new technologies, regularly advertises Tiffany & Co. on his Instagram account*, and also offers the public carefully selected moments of his private life. For example, romantic family photos with his wife Geraldine Guyot or trips to major social events like the Oscar ceremony, which once again should emphasize the status.

It is he, and not even Antoine Arnault (the eldest son of Bernard, who is married to Natalia Vodianova, is the CEO of Berluti and is on the board of directors of LVMH) who is called on the sidelines as a likely successor to the post of head of LVMH. The appointment of Alexandre to the post of vice president of Tiffany & Co., a brand that is clearly supposed to become one of the flagships, according to the press, speaks in favor of such a version. True, Bernard Arnault himself never gave official comments on who would continue the work. Tiffany reformer and potential successor to billionaire Bernard Arnault: Bloomberg assesses Alexandre Arnault's chances in Tiffany's fashion industry , tiffany, executive, children Alexandre Arnault and Jay-Z Tiffany reformer and potential successor to billionaire Bernard Arnault: Bloomberg assesses Alexandre Arnault's chances in Tiffany's fashion industry , tiffany, executive, childrenJay-Z and Beyoncé for Tiffany & Co. Tiffany reformer and potential successor to billionaire Bernard Arnault: Bloomberg assesses Alexandre Arnault's chances in Tiffany's fashion industry , tiffany, executive, children

Alexandre Arnault with his wife before the Oscars Tiffany reformer and potential successor to billionaire Bernard Arnault: Bloomberg assesses Alexandre Arnault's chances in Tiffany's fashion industry , tiffany, executive, children

One of the priorities of the business will be the expansion of the brand. For example, while the company is almost absent in such segments as watches, bags and perfumes, and these are strong categories for competitors, including Hermès and Cartier.

Tiffany will release a new watch model before the end of next year (a former Chanel top manager is responsible for the development of this line of business), and a leather bag should be released before the end of this year (here they attracted a designer who previously worked at Marc Jacobs and Louis Vuitton).

While silver jewelry and heart-studded bracelets will remain staples, Arnaud promises there's room for experimentation, as seen in a recent collaboration with streetwear brand Supreme. Another step towards a young hype audience was the campaign with Hailey Bieber - the model has recently become the face of the brand. Tiffany reformer and potential successor to billionaire Bernard Arnault: Bloomberg assesses Alexandre Arnault's chances in Tiffany's fashion industry , tiffany, executive, childrenTiffany & Co. collaboration. and Supreme Tiffany reformer and potential successor to billionaire Bernard Arnault: Bloomberg assesses Alexandre Arnault's chances in Tiffany's fashion industry , tiffany, executive, children

Hailey Bieber for Tiffany & Co.

However, Alexander's start in a new position was not without setbacks. These include the plagiarism scandal or the "Not Your Mother's Tiffany" campaign. It was supposed to symbolize that very renewal, but caused an immediate backlash on social media for contradicting the idea of ​​passing on family heirlooms from generation to generation.

Tiffany reformer and potential successor to billionaire Bernard Arnault: Bloomberg assesses Alexandre Arnault's chances in Tiffany's fashion industry , tiffany, executive, children

And meeting the needs of US customers is critical at a time when the coronavirus lockdown in China has reduced demand there. The campaign was eventually suspended, but, according to popular wisdom, the bad was not without good. So, Arnault said that soon after that, sales of silver products even jumped. She must have had some success after all. The created hype allowed people who had never heard of Tiffany to join the discussion, ” Alexandre said.

Tiffany reformer and potential successor to billionaire Bernard Arnault: Bloomberg assesses Alexandre Arnault's chances in Tiffany's fashion industry , tiffany, executive, children At the same time, the financial prospects of the brand are estimated very optimistically. The US value of the classic Bird on a Stone brooch has more than doubled to $75,000 following the takeover by LVMH.

At a recent Miami super-wealthy event, Tiffany more than tripled its sales compared to the same event last year thanks to higher prices and the retreat of the pandemic. Alexandre definitely has time to polish this new diamond in the LVMH crown. In the near future, serious talk about transferring control of the entire conglomerate to him is unlikely to be conducted. In April, LVMH raised the mandatory retirement age for its chief executive officer by five years to 80. This gives 73-year-old Bernard Arnault more time to think about succession and Alexandre to make Tiffany & Co. even more successful.