Editor’s Note
This article has been updated to reflect LVMH’s announcement appointing Jean-Christophe Babin as CEO of its watch division, succeeding Frédéric Arnault.
LVMH has appointed Jean-Christophe Babin as the Chief Executive Officer of its watch division, selecting a veteran watch and jewelry executive from within the group to succeed Frederic Arnault, the company reported on Friday.
The move follows other changes in LVMH’s top management, as the five children of the company’s Chairman and CEO, Bernard Arnault, rise through the ranks of the luxury group. Frederic Arnault was recently chosen to lead the fast-growing Italian cashmere brand Loro Piana.
The watch division, meanwhile, has been impacted by a slowdown in demand, as inflation-hit buyers cut back on high-end purchases, and sales for the watch and jewelry division declined by 2% last year.
Babin has led Bulgari, LVMH’s Italian brand, for the past 12 years, and previously led watchmaker Tag Heuer for 12 years. Babin, who will remain CEO of Bulgari, will assume his new role on April 1.