By Mimosa Spencer
PARIS (Reuters) -Michael Burke has been appointed as chairman and chief executive of LVMH Fashion Group, overseeing all of the group’s fashion labels, the luxury goods giant said on Thursday.
The LVMH veteran – chairman and CEO Bernard Arnault’s longest serving lieutenant – replaces long-time Fashion Group head Sidney Toledano, who was named advisor to Arnault and will exit the company’s executive committee.
Burke, 66, was CEO of LVMH’s biggest label Louis Vuitton until a year ago, and also headed labels Fendi and Bulgari.
“I am a great believer in long-term vision,” said Burke, noting he has worked with Arnault for 40 years.
One of the fashion industry’s most influential executives, Burke oversaw soaring growth at Louis Vuitton, the world’s largest luxury label.
Toledano, who also headed LVMH’s second-largest label Dior for 20 years, will remain involved in the French fashion industry as a member of the executive committee of the sector’s Federation de la Haute Couture et de la Mode.
The appointments are effective Feb. 1.
(Reporting by Mimosa Spencer;Editing by Kirsten Donovan)
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