LVMH Names New CEO, Says Constans Left for Health Reasons
LVMH, Louis Vuitton
LVMH, the world's largest luxury company, named Michael Burke as Chairman and CEO of Louis Vuitton to replace Jordi Constans. Burke has been chief executive of Bulgari, the Italian jeweller that LVMH added to its stable last year.
LVMH said Constans' sudden departure after less than a month in his position was due to the discovery of a "significant health issue which requires that Mr. Constans focus on this priority".
Group CEO Bernard Arnault added in a statement that Burke had "enormous experience" and "knows Louis Vuitton well".
Louis Vuitton, the world's biggest luxury brand in terms of sales, makes up about 75 percent of the fashion and leather sales of LVMH.
In 1997, Burke moved to Paris to become Deputy CEO of Christian Dior Couture and following the acquisition of Fendi by LVMH in 2003, he was appointed CEO. Since February 2012, he has been CEO of Bulgari, LVMH said.