LVMH’s Belloni steps down as no. 2 in luxury group’s reshuffle

LVMH’s Antonio Belloni is stepping down as the group’s second-in-command amid continued management shakeup at the biggest luxury conglomerate.

Belloni, known as Toni, will give up his roles as group managing director and chairman of the executive committee at the company headed by billionaire Bernard Arnault. He will also leave the board after LVMH’s annual general meeting on April 18, LVMH said in a statement Thursday.

The 69-year-old Italian executive joined the company that owns Louis Vuitton in 2001 and has overseen the strategy and operational management of the conglomerate’s labels and supervised regional presidents, among other duties.

Stephane Bianchi, the current head of LVMH’s watches and jewelry unit, will succeed him.

Arnault has been preparing the next generation of LVMH leaders as some of the group’s most senior executives near the end of their careers. Arnault’s top lieutenants have also played a role in training his five children, who all work at the company.

Arnault turned 75 this month and the LVMH Moet Hennessy Louis Vuitton SE statutes allow him to stay as chief executive officer until he’s 80.

Recently, Arnault also named Michael Burke, 67, to head the LVMH fashion group, which includes labels such as Celine, Loewe and Marc Jacobs. Burke took over from Sidney Toledano, 72. 

Toledano is now an adviser to Arnault, while Belloni will be put in charge of strategic missions for the CEO and will be appointed president of LVMH Italy.