Has Pietro Beccari just been appointed the highest position in the luxury industry?
On the eve of the Men's Paris Fashion Week, LVMH announced a major reshuffle, placing Christian Dior boss Pietro Beccari, at the helm of Louis Vuitton, while Bernard Arnault's eldest daughter, Delphine, who has been deputy director of Louis Vuitton since 2013, will succeed him as president and CEO of Christian Dior. A strategic change designed to accelerate the growth of the world's leading luxury brand, while consolidating the presence of the Arnault family in the management.
The Italian manager's appointment at Louis Vuitton has been hailed by analysts as "very good news", as Luca Solca at Bernstein pointed out. "Pietro has led Dior to great success during his tenure and he has now been given the highest position in the company and, therefore, the highest position in the luxury industry," he said in a note.
"Pietro Beccari's work at Christian Dior over the past five years has been exceptional. His leadership has accelerated the desirability and success of this iconic house," commented Bernard Arnault. "The reinvention of the historic house on 30 Montaigne is one of the best illustrations of this. There is no doubt that Pietro will lead Louis Vuitton to even greater desirability and success," says the group's boss.
Back to his roots
A return to his roots in a way for Pietro Beccari, who joined LVMH in 2006 as executive vice-president of marketing and communications at Louis Vuitton. He arrived at the company to support the CEO at the time, Yves Carcelle, and subsequently orchestrated the relaunch of Berluti, from which point on he had a faultless career within the world's number one luxury goods company, which took him from the management of Fendi in 2012 to that of Christian Dior in 2018, when he also became a member of the group's executive committee. He will now take over the management of Louis Vuitton as of February 1. He succeeds Michael Burke, who has been asked to take up "new duties directly with Bernard Arnault", the CEO of LVMH.
Born near Parma and passionate about sport from an early age, Pietro Beccari was destined for a career as a footballer. He did not progress beyond the third division, but always kept a strong team spirit and the habit of always looking forward, one match after another. He is also known for his cordial and open approach, characteristic of his native Emilia Romagna, and for his frank and direct relations with his colleagues.
He graduated in Business Administration from the University of Parma and started his career in the consumer goods sector in marketing with the British group Benckiser in Italy. He then moved to Parmalat's US subsidiary in New York and then to Henkel in Düsseldorf, Germany, where he held the position of corporate vice president of the hair care division. This was a great opportunity to enrich his international and linguistic experience before moving on to the world of luxury goods with LVMH.
At 55, Pietro Beccari continues his rise, consolidating his reputation as an outstanding manager, known for his commitment, his audacity, his determination and above all his enthusiasm, as shown by his work at Christian Dior, where in five years, including the pandemic, he has managed to give the house a great boost through ambitious projects.
One of his greatest successes was the major renovation of the historic location at 30, avenue Montaigne, which has been entirely renovated and now houses, in addition to the brand's flagship shop, a restaurant, a museum called the Dior gallery, a pastry bar, gardens and even a hotel suite. Since its reopening in March, the space has welcomed 5,000 visitors a day.
He also enabled Maria Grazia Chiuri to express her creativity and her vision for Dior women and welcomed Kim Jones to the men's division in 2020, the Briton who revitalized Dior, notably through collaborations with brands such as Stüssy or Nike.
After doubling Fendi's sales in five years from €600 million in 2011 to €1.2 billion in 2018, according to analysts' estimates quoted by Reuters, he has done it again at Christian Dior, which apparently reached €6.2 billion in annual sales by 2021, according to analysts at RBC Capital Markets.
The artistic direction project
Beccari is making his comeback to Louis Vuitton where a rather big challenge awaits him. He will be expected to take on the delicate task of finding a successor to Virgil Abloh at the head of the men's collections, which have been developed without an artistic director since the American designer's death in November 2021. A first decision that will be closely watched and will certainly give an idea of how he intends to lead the house. And what about Vuitton for woman? Entrusted for ten years to the expert hands of Nicolas Ghesquière, the group may take this time to consider alternatives for the artistic direction of the women's collections.
According to Bernstein's estimates, Louis Vuitton's turnover will be over 22 billion euros in 2022, while its operating profit (Ebit) will be over 10 billion. In recent years, beyond a fashion brand, the house has diversified considerably, becoming "a cultural brand with a global audience", as Bernard Arnault emphasised at the group's general meeting.
The choice to entrust the reins to Pietro Beccari, known for his innovative vision, underlines the desire to give Louis Vuitton new impetus and open a new chapter to project it into the luxury market of the future.
"Pietro Beccari has done wonders at Fendi and Dior. If at Louis Vuitton he achieves only half of what he has done in the last ten years, the label will reach new historical heights," predicts Luca Solca.
Copyright © 2023 FashionNetwork.com All rights reserved.