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Esteemed for his managerial skills and his strong personality, well-liked for his decisive, yet calm and often jovial character. Perhaps even a little feared: with the announcement coming from Paris for Toni Belloni – and partly for the LVMH group – an era is coming to an end. After over 23 years alongside Bernard Arnault, founder, CEO and president of the largest luxury group in the world (86.2 billion turnover in 2023) and in total agreement with him, the Italian manager has decided to cease his management functions general director and president of the Executive Committee of LVMH and to leave the Board of Directors and everything will officially happen the day after the general meeting scheduled for April 18th.
Toni Belloni (in the photo above, right) will continue to maintain responsibilities within the group: he will be in charge of some strategic missions alongside Bernard Arnault and will be appointed president of Lvmh Italia.
Passing of the baton to Stéphane Bianchi
After discussions with the governance and remuneration committee, Bernard Arnault has decided to entrust Stéphane Bianchi (pictured above, left) with the operational functions carried out by Toni Belloni: consequently, he will chair the group’s executive committee and, together with Arnault, he will strategically and operationally supervise the LVMH maisons. He will also lead the presidents of the geographic divisions and the digital and data transformation of the group.
Arnault’s certificate of esteem and trust
«At my side, as general director and member of the Board of Directors for over two decades, Toni was a fundamental architect of LVMH’s success. Inspirational, always curious, and with unparalleled loyalty, he has participated in all the acquisitions of recent years and has been able to accompany the growth of the group and its collaborators with agility and pragmatism – commented Arnault -. His vision of luxury, markets and his work with the organization were notable strengths. Toni was an essential partner for me and is a very important member of the LVMH family. I would like to thank Toni for his outstanding contributions over the years. He will remain at my side to continue with strategic missions and supervise our activities in Italy.”
Belloni’s (partial) dismissal
The consensual nature of Belloni’s “sidestep” is confirmed by his words: «When leaving my current duties, I appreciate the great fortune of having had a leadership role in one of the most extraordinary entrepreneurial adventures of recent decades. I sincerely thank Mr. Arnault for the opportunity he has offered me and even more for the trust he has always placed in me. Working alongside him was a unique, stimulating experience, full of challenges and enrichment, with his example as a guide. Growing our magnificent maisons over the long term, initiating increasingly ambitious and creative projects, driving formidable acquisitions and their integration, helping prepare tomorrow’s leaders and organization to manage the growth and complexity of the group… never a boring moment!”, said Toni Belloni. «Over the past twenty years, I have had the privilege of sharing this life experience with highly energetic and talented colleagues. Our agility, our culture of constant questioning, the search for excellence and the valorization of merit are strengths that, I am sure, will guarantee the long-term success of the group. We have achieved excellent results by respecting our values and supporting numerous initiatives that benefit the community. Stéphane will lead us to do even better.”
Belloni’s stages and successes at LVMH
In 2001, the year of Toni Belloni’s appointment as general manager of the group, LVMH had around 60 brands in its portfolio, recorded revenues of 12.2 billion euros, an Ebitda of 1.56 billion and a stock market value of between 30 and 40 euros per share, for a capitalization of approximately 15-20 billion euros. Today the LVMH group has over 75 fashion houses in its portfolio, recorded revenues of 86.2 billion euros in 2023, equal to 7 times the turnover of 2001, an Ebitda 15 times higher than in 2001 and the stock market value has grown by about 30 times. LVMH, over the last 12 years, has completed a series of important acquisitions, and their integration, including: Bulgari (2011), Loro Piana (2013), Cova Montenapoleone (2013), Belmond (2019), Tiffany (2021) and Thelios was also created in 2017, the company that allowed the internationalization of the profitable eyewear business.