By  on July 1, 2011

PARIS — LVMH Moët Hennessy Louis Vuitton said Thursday that Philippe Pascal, head of its watches and jewelry activities since 2001, would become an adviser to LVMH chairman and chief executive officer Bernard Arnault.

Bulgari ceo Francesco Trapani will take over the division and has also been named to the LVMH board.

The moves follow confirmation that the relevant competition authorities, namely the European Commission, have cleared LVMH’s purchase of 50.4 percent of Rome-based jeweler Bulgari in a cash-and-share swap valued at more than $6 billion. LVMH will also launch a tender offer for the remaining shares.

Arnault praised Pascal’s track record. “Thanks to his knowledge of the luxury sector, his discipline and creativity, he was able to strengthen the identity and prestige of each maison in the division,” he said.

To access this article, click here to subscribe or to log in.

To Read the Full Article
SUBSCRIBE NOW

Tap into our Global Network

Of Industry Leaders and Designers

load comments
blog comments powered by Disqus