Sign up to receive the Vogue Business newsletter for the latest luxury news and insights, plus exclusive membership discounts.
LVMH is reshuffling its management team in a bid to bolster its watch business.
Frédéric Arnault, CEO of LVMH Watches, announced a flurry of appointments on Wednesday as “part of an elevating and upgrading strategy of the maisons to support the growth of LVMH Watches division”, according to a statement. Ricardo Guadalupe, CEO of Hublot since 2012, is stepping down and will transition to the brand’s honorary president. Julian Tornare, currently CEO of Tag Heuer, succeeds Guadalupe. Antoine Pin, general manager of Bvlgari Horlogerie since September 2019, succeeds Tornare as Tag Heuer CEO.
Meanwhile, Bvlgari, which is also part of LVMH’s Watches Jewellery division, promoted Laura Burdese, the brand’s current VP of marketing and communication, to deputy CEO, a newly created role. “She will continue to oversee the global brand and communication department while assuming responsibility for jewellery, watches, parfums, and leather goods and accessories business units,” according to a separate statement. Jonathan Birnbaum, who is managing director of the perfume business unit at Bvlgari, succeeds Pin as Bvlgari Horlogerie managing director. All appointments are effective 1 September.
The world’s largest luxury conglomerate remains a smaller player in watches than Rolex, Swatch Group and Richemont. The appointment of Frédéric Arnault, the son of LVMH chairman and CEO Bernard Arnault, as CEO of the watches division, a role created in January 2024, signalled LVMH’s ambitions in the sector.
Sales in 2023 at Hublot, Tag Heuer and Zenith were CHF 670 million, CHF 615 million and CHF 138 million (€693 million, €636 million and €143 million), respectively, according to Morgan Stanley. At Bvlgari, sales were €3.5 billion in 2023, making it the fourth-largest jewellery brand, per Morgan Stanley.
“Hublot is one of the few watchmaking manufacturers that emerged and achieved such success in the 21st century by breaking design codes, communication barriers and exploring new frontiers in watchmaking,” Frédéric Arnault said in Wednesday’s statement. “I would like to sincerely thank Ricardo and his teams for their fantastic work building the brand over these past 20 years.”
Frédéric Arnault said Tornare’s arrival at Hublot “marks the beginning of a new chapter dedicated to the future of our maison and the strengthening of its unique position among leading watch brands. I am also delighted to welcome Antoine into our watches division at Tag Heuer. His extensive international experience, expertise and well-recognised passion for watches will be major assets in continuing Tag Heuer’s growth and elevation.”
The appointments come as the watch industry faces tough times due to a deterioration of demand in China. Swiss watch exports fell 7.2 per cent year-on-year in June, and fell 3.3 per cent in the first half of 2024 compared to the same period last year, data published by the Federation of the Swiss Watch Industry show.
Sales at LVMH’s Watches Jewellery division dipped 2 per cent to €2.47 billion in the first quarter of 2024. The group is to report its second-quarter earnings on 23 July.
Comments, questions or feedback? Email us at feedback@voguebusiness.com.
More from this author:
Why Brunello Cucinelli believes AI is the future
