LVMH Names New President of Watch & Jewelry Group

April 20, 2001

LVMH Names New President of Watch & Jewelry Group

LVMH Moet Hennessy Louis Vuitton, French luxury products group, named Philippe Pascal as the new president of its watch & jewelry group. Pascal joined LVMH in 1994 and was previously president of the wines & spirits group and president of Moet Hennessy. Pascal will also join the board of the new De Beers joint venture.

"Philippe Pascal has an impressive track record of brand building in the luxury sector," says Group Managing Director Myron Ullman. "LVMH's strong market position in the upscale champagne and cognac business is the result of his skill in managing talented teams. We look forward to seeing Philippe at the head of our LVMH watch & jewelry business -- one of the group's most promising segments in the luxury industry."

Christophe Navarre, previously president of Hennessy, replaces Pascal as president of the wines & spirits group. In addition, LVMH announced it appointed Antonio Belloni to the newly-created chief operating officer position. He will be responsible for overseeing the group's daily business operations starting in June.

- by Julia M. Duncan