LVMH named its third chief executive officer of watch brand Tag Heuer in just a year in the latest management shakeup for the division that’s now led by the son of the luxury empire’s founder, Bernard Arnault.
Tag Heuer, the motor sports racing-inspired brand, said Bulgari’s head of watches Antoine Pin will take over in September. Pin will replace Julien Tornare, who is moving to the CEO role at Hublot, another LVMH brand.
The latest changes come as Arnault’s empire navigates a downturn in demand for premium and luxury watches.
Tornare only took charge of the storied Tag Heuer brand, known for its Carrera and Formula One models, in January. He replaced Frederic Arnault, the second-youngest of Arnault’s five children, who moved to a newly-created role as head of LVMH’s watch division, which includes the Tag Heuer, Hublot and Zenith brands.
The latest management shakeup underscores an ambition to grow LVMH’s luxury watch business and take market share from larger rivals Richemont and Swatch Group.
The LVMH watches division accounted for about 5 per cent of Swiss watch industry volumes and 8 per cent of value in 2023, according to analysts at RBC Capital Markets.
Hublot has been a top brand for LVMH, even as its image has proven divisive among collectors and enthusiasts. RBC estimates Hublot sales were 940 million Swiss francs (S$1.4 billion) in 2023, or about 67,000 watches, making it the eighth-largest Swiss brand.
Tag Heuer recorded sales of about 800,000 francs, selling about 450,000 watches, RBC estimates.
LVMH said on Thursday (Jul 18) Ricardo Guadalupe, who served as Hublot CEO since 2012, will become honorary president of the brand. BLOOMBERG
