PARIS – LVMH Moët Hennessy Louis Vuitton is preparing to call a latest head of its Fashion Group division as Sidney Toledano transitions into one other role on the French luxury group, chairman and chief executive officer Bernard Arnault said Thursday.

Speaking on the annual general meeting of shareholders, Arnault thanked Toledano for his leadership during a profession at LVMH spanning almost three a long time, first at Christian Dior and since 2018 as head of the LVMH Fashion Group, which oversees brands including Celine, Loewe, Givenchy, Kenzo, Marc Jacobs and Pucci.

“I desired to underline the exceptional job he has done. He’s not leaving. No, he’ll tackle one other role,” Arnault said.

“We’ll proceed to work together in a unique framework. I won’t say anything further, but I’ll let you know about it next yr in any case. An enormous thanks, Sidney, on your terrific work during all these years,” he added, prompting warm applause from the audience.

The posh executive’s comment come days after a report on independent news site Miss Tweed that Michael Burke, one other veteran LVMH executive, was the frontrunner to succeed Toledano as head of the Fashion Group. LVMH declined to comment on the story.

A source with knowledge of the matter said the name of Toledano’s successor could be revealed in the following few months, but the choice had yet to be finalized.

Revenues within the division have swelled under Toledano’s watch and at the moment are approaching 10 billion euros, based on market sources. It is known Toledano also increased the business unit’s profitability sixfold.

On the AGM, Arnault also singled out Burke for praise, noting that he had helped Louis Vuitton to turn out to be the primary brand within the history of luxury goods to generate annual revenues of greater than 20 billion euros.

Burke bowed out as chairman and CEO of Vuitton in February after a stellar 10-year tenure to “take up latest responsibilities, reporting on to Bernard Arnault,” LVMH said. He would appear a natural successor for Toledano, for the reason that two men are close, and Burke has been a part of Arnault’s inner circle since he founded LVMH within the Nineteen Eighties.