LVMH China Announces New Leadership Change: Hugues Takes Over as Louis Vuitton Chairman, Deepening Market Presence in China

LVMH, the leader in the global luxury goods industry, recently announced significant personnel changes in the Chinese market. According to corporate registration information, Louis Vuitton (China) Commercial Sales Co., Ltd. has completed changes in its legal representative and chairman. The former head, David Ponzo, has stepped down, and Hugues Bonnet-Masimbert has taken over as the new chairman. This move signifies the group’s ongoing strategic efforts to strengthen its local management team in China.

Hugues Bonnet-Masimbert, the new chairman, brings nearly 30 years of experience in the luxury industry. He began his career in 1996 by joining LVMH and in 2018 took on senior management roles at Rimowa, leading key projects such as brand distribution restructuring, business model transformation, and e-commerce channel development. In 2021, he was promoted to global CEO of Rimowa, reporting directly to the chairman of Le Bon Marché, demonstrating exceptional cross-departmental coordination skills.

This personnel adjustment is not an isolated event. Earlier this year, the group appointed Daniel DiCicco, with a background in technology, as President and CEO of Louis Vuitton Greater China. Having held executive roles at Apple, Sony Music, and Coach, DiCicco is expected to drive the brand’s digital transformation. These two leadership changes together reflect LVMH’s deep organizational restructuring aimed at the Chinese market.

According to the latest group financial report, revenue for 2025 is projected at €80.8 billion, a 5% decrease year-over-year. The fashion and leather goods division, as the core business, saw an 8% decline to €37.77 billion, but maintained a high operating profit margin of 35% in the second half of the year. The wine and spirits division was most affected by cost pressures, with revenue down 5% and operating profit dropping 25%. In contrast, the perfume and cosmetics business remained stable, and the watches and jewelry division achieved 3% organic growth, with Bulgari’s high-end jewelry series setting new sales records for individual items.

Regional market performance showed clear divergence. The U.S. continued to serve as a growth engine, while the Asian market (excluding Japan) demonstrated a strong recovery in the second half. The region achieved 2% positive growth in Q3 and contributed 26% of the group’s annual revenue, a slight decrease of 2 percentage points from the previous year. The recovery in China significantly boosted core businesses, with improvements seen in both fashion and leather goods and watches and jewelry in the second half.

To deepen its presence in China, the group has recently launched several landmark projects. Louis Vuitton opened a cruise-ship-themed experiential space in Shanghai, and Dior upgraded its Beijing flagship store, becoming new landmarks attracting local consumers. Tiffany has also achieved growth through store renovations and key product promotions. These initiatives, along with leadership changes, form a strategic combination to respond to market shifts.