LVMH veteran Michael Burke to head US and other operations
Burke, 68, has held top management positions at Dior, Fendi, Bulgari and Louis Vuitton in over 40 years working with Arnault.
His appointment comes as the luxury industry faces a deep downturn, with economic pressures and price fatigue weighing on appetite for high-end goods in China and the United States.
Hopes for a U.S. -led turnaround at the start of the year were dashed by weakening demand there, with trade tensions further clouding the outlook.
Arnault, who attended the inauguration of U.S. President Donald Trump in January and has met with Trump since then, has said that the European Union must soften its stance toward U.S. trade demands and negotiate a deal to avoid tariffs and protect European jobs.
Burke will report to LVMH Managing Director Stephane Bianchi, and the executives in charge of U.S. and Latin America operations will report to Burke.
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
The Guardian
37 minutes ago
- The Guardian
Fifa opens office in Trump Tower, deepening ties with US president
Fifa's relationship with US president Donald Trump now has a physically tangible marker, with soccer's world governing body announcing that it has opened an office at Trump Tower in New York City. The announcement of the new office opening came on Monday evening, after Fifa placed the Club World Cup trophy on display in the lobby of the skyscraper on the south-west corner of Central Park in an event attended by several Fifa dignitaries including its president Gianni Infantino, the Brazilian great Ronaldo and Eric Trump, the son of the US president and executive vice-president of the Trump Organization. 'Fifa [is] a global organisation [and] to be global, you have to be local, you have to be everywhere, so we have to be in New York – not just for the Fifa Club World Cup this year and the Fifa World Cup next year – we have to be in New York as well when it comes to where our offices are based,' Infantino said. 'Thank you, Eric [Trump], thank you to everyone. Thanks, of course, to president Trump as well.' Fifa did not provide specifics on which staff or departments would be housed in the office, which makes the federation a tenant of the company owned by the sitting US president with a year to the start of its biggest and most lucrative tournament. The opening of the Trump Tower location follows Fifa's 2024 opening of an office in Miami, Florida, which houses the organization's legal division and some staff responsible for putting on the Club World Cup and next year's World Cup. Some staff from Fifa's global headquarters in Zurich were relocated to the United States to work in the latter office. 'On behalf of myself, on behalf of New York, on behalf of the Trump Organization and everybody that works in this building – we love you,' Eric Trump said in remarks at the event. 'We're honoured, we're excited about all the things that Fifa is doing.' The office opening continues Fifa's and Infantino's efforts to appear publicly close to the US president, with Infantino describing his relationship with Trump as 'absolutely crucial' in a meeting with the International Football Association Board (Ifab) in February. Infantino has since appeared with the US president at several public events, including at the Oval Office when announcing the creation of a World Cup task force. In that meeting, Infantino presented Trump with the Club World Cup trophy, which has continued to be on display in the Oval Office for all of the president's scheduled events in the space. Infantino was later present at the first public meeting of the World Cup taskforce, at which he was seated alongside Trump with vice-president JD Vance. Sign up to Soccer with Jonathan Wilson Jonathan Wilson brings expert analysis on the biggest stories from European soccer after newsletter promotion Infantino also accompanied Trump to the Middle East this year – a trip that made him late for the Fifa congress in Paraguay, angering Fifa delegates who walked out of the gathering in protest. Uefa later accused Infantino of putting 'private political interests' ahead of his Fifa responsibilities, and Human Rights Watch demanded that Infantino reveal the specific purpose and details of his trip, which he has yet to do. 'As president of Fifa my responsibility is to make decisions in the interests of the organisation,' Infantino said at the congress, where he apologized for his tardyness. 'I felt that I needed to be there to represent football and all of you.'
Finextra
42 minutes ago
- Finextra
How To Improve Interoperability Without Eliminating Positive Fragmentation
Joining FinextraTV at the EBAday 2025 in Paris, Sean Devaney, Vice President of Strategy for Banking and Financial Markets, CGI added to the ongoing conversations surrounding cross-border payments. Mentioning CLS (continuous linked settlement) and Swift, Devaney describes the differences across initiatives while still emphasising the benefits of a fragmentation of offerings. Devaney describes how having different initiatives for different needs is positive, but there needs to be an increased level of interoperability to bring them all together.
Reuters
an hour ago
- Reuters
Wendy's CEO Kirk Tanner jumps ship to Hershey as top boss
July 8 (Reuters) - Wendy's (WEN.O), opens new tab said on Tuesday its CEO Kirk Tanner was leaving the burger chain after just over a year in the role to take on the top job at chocolate maker Hershey (HSY.N), opens new tab. For Wendy's, the change at the top comes at a time when it has been grappling with muted sales as macroeconomic volatility pushes more people to eat at home. Its stock is down nearly 31% this year. Hershey had announced in January that Michele Buck, who had been CEO for over seven years, would retire in 2026 and would transition to a senior advisor role once a replacement was named. Tanner will take over on August 18. He will depart Wendy's on July 18, the burger chain said in a separate statement, adding that it has appointed its CFO, Ken Cook, as interim chief. Wendy's also said it has launched a comprehensive search process to select a permanent CEO, and is set to report its second quarter results on August 8. Hershey is expected to report on July 30. Mary Kay Haben, chair of the Hershey CEO search committee, said that "(Tanner's) deep experience in snacks, beverages, M&A and innovation — combined with public company CEO and board roles — makes him well suited to lead Hershey into the future." Tanner joins the Reese's Peanut Butter Cups maker as it navigates higher tariff-related costs and still-high cocoa prices amid growing uncertainty around consumer spending. He was previously a top executive at PepsiCo (PEP.O), opens new tab before moving to head Wendy's in February 2024. Shares of Hershey fell about 2% in early trading, while Wendy's was down around 1%.
