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.
This story first appeared in the July 1, 2011 issue of WWD. Subscribe Today.
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.