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Bernard Arnault, the world’s richest person, appoints his daughter as CEO of Dior.

On Wednesday, the co-founder and CEO of the French conglomerate LVMH reshuffled top management, putting his 47-year-old daughter in charge of one of the company’s leading labels, Christian Dior.

Billionaire Bernard Arnault, CEO of the world’s largest luxury group, has also replaced long-time Louis Vuitton CEO Michael Burke with Pietro Beccari, according to a statement issued by his company.

Beccari, 55, has been the creative director of Dior since 2018.

Arnault’s fortune now exceeds that of Elon Musk, CEO of Tesla, Twitter, and SpaceX, who lost his title as the world’s richest person in December.

According to Forbes’ real-time billionaires list, the French company’s CEO is worth an estimated $190 billion.

Delphine Arnault, Arnault’s daughter, has worked for Louis Vuitton for the past ten years alongside Burke, 65, and previously spent a dozen years at Dior, according to the statement.

Burke, who has also served as chairman of Tiffany’s jewellery division, will continue to work with Bernard, 73, the company said in a statement, without elaborating on his new role.

According to Guinness, Elon Musk now holds the world record for the greatest loss of wealth ever.

“In the last five years, Pietro Beccari has done an outstanding job at Christian Dior.” “Arnault issued a statement. “Monsieur Dior’s values of elegance and his innovative spirit have been given new life by a team of exceptionally talented designers. I am confident that Pietro will take Louis Vuitton to new heights of success and desirability.”

He also thanked Burke, who he said “has led the extraordinary success of Louis Vuitton over the past ten years,” and called his daughter’s appointment “another milestone in a career journey defined by excellence in fashion and leather goods.”

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