LVMH has snapped up one of the luxury industryâs fastest-rising stars, tapping Miu Miu chief executive Benedetta Petruzzo to be managing director of Christian Dior Couture, effective October 15.
Petruzzo will report to Dior CEO Delphine Arnault in the key role, interfacing with the brandâs executive committee, design studios, vast communications infrastructure and commercial teams worldwide. âBenedettaâs talent and leadership will be major assets in the continued development of Diorâs activities and its international influence,â Arnault said in a statement.
Petruzzo has overseen a period of explosive growth for Prada-owned Miu Miu since being named CEO of the label in 2020. The brandâs revenues nearly doubled in the first half of 2024 on top of an eye-popping annual growth rate of 58 percent last year. Growth has been powered by a mix of viral products (think cut-off micro miniskirts and crystal-encrusted briefs) and ultra-wearable riffs on collegiate wardrobe staples, from âbiker boots to ballerinas,â Petruzzo told BoF in a recent interview.
The Italian executive succeeds Diorâs current managing director, Charles Delapalme, who will âtake on important new responsibilities within the LVMH Groupâ to be announced at a later date, Dior said.
Petruzzo arrives at Dior as it seeks to deliver a soft landing after a period of rapid growth under designer Maria Grazia Chiuri and former CEO Pietro Beccari (who has sinced moved over to LVMH stablemate Louis Vuitton). With nearly â¬10 billion in annual revenues, Dior is able to leverage unprecedented scale and visibility as it navigates challenges including a slower luxury market, an inquiry by Italian authorities into manufacturing practices and slowing excitement around buzzy items like the Book tote and menswear chief Kim Jonesâ sneaker collabs.
LVMHâs move to recruit a key executive from smaller rival Prada Group shows how luxury players find themselves competing head-to-head amid stagnation in the industryâs top line. In previous slowdowns, the French group has leaned on its unmatched financial fire-power to keep snapping up brands, talent, real estate â and ultimately market share.
Learn more:
The Strategy Behind Miu Miuâs Explosive Growth
How did Miu Miu grow by 58 percent last year? CEO Benedetta Petruzzo breaks down the plan that has powered eye-popping acceleration in a slowing luxury market.
Disclosure: LVMH is part of a group of investors who, together, hold a minority interest in The Business of Fashion. All investors have signed shareholdersâ documentation guaranteeing BoFâs complete editorial independence.
