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Investing.com -- LVMH (EPA:LVMH) has appointed longtime executive Michael Burke as head of LVMH Americas, the luxury goods group’s unit for North and South America, CEO Bernard Arnault announced in a memo to staff on Monday.
Burke, 68, has worked with Arnault for over 40 years, holding top management positions at several LVMH brands including Dior, Fendi, Bulgari and Louis Vuitton.
In his new role, Burke will report to LVMH Managing Director Stephane Bianchi. Executives in charge of U.S. and Latin America operations will report directly to Burke.
The appointment comes during a challenging period for the luxury industry, which is experiencing a downturn due to economic pressures and price fatigue affecting demand for high-end goods in China and the United States.
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