Paris, 24 March 2024
Estimated reading time: 3 minutes
In a strategic move underscoring LVMH Moët Hennessy Louis Vuitton’s ongoing ambition and commitment to the luxury beauty sector, the conglomerate has announced the expansion of roles for two of its key executives, Romain Spitzer and Stéphanie Medioni, within its Perfumes and Cosmetics Division.
Romain Spitzer, who has already distinguished himself as the CEO of LVMH Fragrance Brands and at the helm of Parfums Givenchy and Kenzo Parfums, will see his scope of responsibilities broaden even further.
LVMH’s internal announcement reveals that Spitzer will play a pivotal role in product innovation strategy and business development across the group’s diverse brands.
His proven expertise in perfumery creation, exemplified by successes such as L’Interdit and the reinvention of Gentleman by Givenchy, positions him as a natural leader to support brands in their development and incubation projects.
On her side, Stéphanie Medioni, already Executive President of Beauty at LVMH, is entrusted with expanded responsibilities that embrace overall strategy and sustainable development, while also integrating critical areas such as data and artificial intelligence.
Her role extends beyond the management of iconic brands such as Aqua di Parma and Make Up For Ever to also cover vital cross-functional functions, from CMI to omnichannel.
The president of the division, Stéphane Rinderknech, expresses unwavering confidence in these appointments, stating that the expertise of Spitzer and Medioni is crucial for navigating the competitive landscape of the beauty industry, which has shown exceptional resilience and growth even in the face of uncertain geopolitical conditions.
The approval also comes in the context of a 7% year-on-year growth for the division, generating an impressive revenue of 8.27 billion euros in 2023.
This reorganization comes at a time when the fragrance and cosmetics industry is booming, with McKinsey projections indicating that the sector could reach $580 billion by 2027.
LVMH, currently ranked sixth in WWD Beauty Inc’s Top 100 Beauty Manufacturers, seems determined to capitalize on this growth and strengthen its presence in the market.
The strategy is clear: by strengthening its leadership team, LVMH aims to innovate, grow sustainably, and maintain its status as a leader in luxury.
As European luxury giants take unprecedented initiatives in the beauty sector, LVMH is taking concrete steps to remain at the forefront of this transformation.
The big question that remains is how these movements will influence the future of luxury and beauty in the years to come.
Photography credits: LVMH
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News [ Le M&Magazine ]
