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Dior boss Toledano to step down in LVMH reshuffle

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Dior boss Toledano to step down in LVMH reshuffle

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PARIS (Reuters) – Sidney Toledano, the long-serving chief executive of Christian Dior, is set to take on a broader role at parent LVMH <LVMH.PA>, stepping down from day-to-day leadership of the fashion label. Toledano, 66, will be replaced by Pietro Beccari, the CEO of LVMH-owned Fendi, and will become chairman of LVMH Fashion group, home to an array of labels including Celine, Marc Jacobs and Givenchy, a source familiar with the matter said. LVMH declined to comment but according to industry news site Business of Fashion, Chairman Bernard Arnault confirmed the shake-up. “(Pietro) will be an excellent leader who will steer Dior towards ever greater success,” Arnault was quoted as saying in a statement. Also part of the reshuffle, the former head of the fashion group Pierre-Yves Roussel will become a special advisor to Arnault. Billionaire Arnault, 68, has recently brought in new staff, with analysts saying the firm was preparing for a series of successions at its labels. LVMH hired Nicola Brandolese from Italian eyewear maker Luxottica <LUX.MI> earlier this year, where he was head of retail. Brandolese initially took on an unspecified role at Fendi, known for its luxurious fur coats, and his new position within LVMH is expected to be announced by early next year. Toledano had been at the helm at Dior, one of the world’s most storied fashion labels, since 1998, overseeing the brand as designers came and went. Under his tenure, the French couture house fired designer John Galliano in 2011 after an notorious anti-Semitic outburst in public. Sales have doubled over the past five years. After a long search to replace another creative head, Raf Simons, Dior appointed its latest artistic director – and first female top designer – Maria Grazia Chiuri, formerly of Valentino, in 2016. LVMH took full control of the Christian Dior Couture brand earlier this year for 6.5 billion euros (£5.7 billion), uniting it with the Dior perfume and beauty offshoots that were already in-house. That has helped boost earnings at LVMH at a time when luxury goods sales are riding high on revived demand from Chinese consumers.

(Reporting by Pascale Denis, Writing by Sarah White; Editing by Sudip Kar-Gupta and Elaine Hardcastle)
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