Bernard Arnault really doesn’t want to talk about his succession plans.
The 76-year-old billionaire, who has been at the helm of LVMH since 1989, remains guarded about his plans for retirement and his future replacement.
In an interview on Wednesday, Arnault said that he hopes to be at the helm of the company for another decade before naming his successor. Earlier this year, the LVMH board voted to allow Arnault to keep his top spot at the business until he’s 85.
“Talk to me again in 10 years, I can give you a more precise answer,” he told CNBC’s Sara Eisen, adding that he hopes he “will make these 10 years.”
The LVMH family’s eventual handover of power has been frequently compared to HBO’s satirical drama “Succession,” where the Roy family is locked in a battle over who will inherit control of the patriarch’s global empire.
Analysts have said that Arnault has created a “Darwinian contest” between his five children for the top spot at LVMH.
All five of his adult children — Delphine, Antoine, Alexandre, Frédéric, and Jean — have senior roles at the company across its various brands. Four of them also sit on LVMH’s board.
“For my children, I tried since their birth to explain that they are very lucky to be in a family that has the chance to manage such a group,” he told CNBC’s Eisen.
“But for getting responsibility, they have to merit the responsibility and to prove they can do it,” he added.
Still, it isn’t necessarily guaranteed that one of his children will take over the reins of the company. Arnault told CNBC that when he speaks of a “family company” at LVMH, this includes some of his longtime senior employees.
“As in any family, at one point there is a succession,” he added.
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