Heard on the Street: The founders of some of Europe’s most valuable companies are preparing for retirement
one of the most important brands in LVMH’s portfolio. Things are muddier at Richemont. Although Mr. Rupert’s son is on the board of directors, he isn’t expected to lead the company.
The question is whether the second generation can match the founders’ vision and keep the brands they inherit growing. Delivering good returns may get harder with time: Between January 2004 and October 2022, the stocks of family-owned companies managed by the first generation gained almost twice as much as those run by the fifth, according to an analysis by French fund manager Carmignac.
Recent hires of talented executives to work alongside family members at Prada and LVMH are a good sign for investors. LVMH promoted Christian Dior boss Pietro Beccari to run Louis Vuitton. The combination of a fully committed anchor shareholder and outside managers can prevent the inwardness that has weighed on the stocks of some family-owned brands such as Tod’s andAt LVMH, there is healthy competition between the founder’s five heirs and nonfamily managers. Until this month’s reshuffle, Mr.
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