Janney Montgomery Scott Initiates Coverage on Buy, PT $70 for Burke & Herbert

Janney Montgomery Scott Initiates Coverage on Buy, PT $70 for Burke & Herbert

LVMH Moët Hennessy Louis Vuitton (LVMH) has reinforced its structure in the Americas by appointing Michael Burke as the new president and CEO of LVMH Americas. Burke, a longstanding executive close to Bernard Arnault, will coordinate the luxury group's strategy in North and Latin America [1].

In addition to his new role, Burke will also serve as the non-executive chairman of Tiffany & Co.'s board of directors, a position designed to drive the growth of the historic U.S. jewelry house. This appointment underscores LVMH's commitment to investing in the region, highlighting the significant potential of the North American market despite the complex geopolitical context [1].

The North American region accounts for nearly a quarter of LVMH’s turnover, with sales of €84.7 billion in 2024. With Burke's appointment, both Anish Melwani (president and CEO of LVMH Inc.) and Davide Marcovitch (president of LVMH Latin America) will report directly to him, based in New York. This new organizational structure aims to strengthen LVMH's presence and growth strategy in the Americas [1].

Burke's career spans several key positions within LVMH, including his tenure as president of Louis Vuitton North America from 1993 to 1997, where he oversaw the construction of the LVMH tower on 57th Street in New York. His return to the United States marks a significant chapter in his career, following his roles at Christian Dior, Fendi, and Bulgari [1].

The appointment of Michael Burke to this strategic position reflects LVMH's confidence in his leadership and long-term vision, which have been instrumental in driving the growth of the luxury group. This move is expected to further solidify LVMH's position in the Americas and contribute to its continued success in the global luxury market [1].

References:
[1] https://www.modaes.com/global/companies/lvmh-reinforces-its-structure-in-the-americas-and-puts-the-historic-michael-burke-at-the-helm