La Arnault family he is tackling the corporate structure that supports control di lvmh and prepare a rearrangement intended to simplify the shareholding chain. The project passes from Christian Dior and provides for the Agache fusion with the maison, which will simultaneously be transformed into a société en commandite par actions (Sca) and renamed Agache.
The transaction will unfold in two steps: first, the merger of Financière Agache into Agache, then Agache into Christian Dior. Upon completion of the restructuring, the LVMH stake will be directly concentrated in the new Agache.
LVMH: How the Arnaults' Structure Is Changing
Agache currently controls 100% of Financière Agache, which owns 96% of Christian Dior's capital and 97,1% of the voting rights. The holding company also holds 6,77% of LVMH's capital and 8,49% of the voting rights.
With the merger, Agache will directly control 49,76% of LVMH's capital. and 65,55% of the voting rightsThe Arnault family's overall stake will remain at 50,33% of the capital and 66,27% of the voting rights.
The new structure will maintain the form of the société en commandite par actions, adopted by the Arnault family in 2022 with the transformation of Agache into SCA. Bernard Arnault will remain as managing partner, while Agache Commandité and Arnault himself will remain general partners.
The reorganization comes as the luxury sector remains under scrutiny for growth prospects and demand trends. On Wednesday, September 23, LVMH shares closed at €396,90, down 1,26%.
Christian Dior, the takeover bid for 2,44% of shares
The restructuring will also involve Christian Dior's minority shareholders. The company's transformation will trigger apublic purchase offer on 2,44% of shares not yet held by the family.
The price of the offer will be determined on the basis of the performance of the LVMH stock. There is no squeeze-out planned: shareholders will therefore be able to join the takeover bid or remain shareholders of the new entity.
The Arnault family also does not foresee the delisted of the resulting company, which will maintain its listing. The project will have to be approved by Dior's extraordinary general meeting, scheduled for December 2026.
The operation will also be subject to the obtaining by theAutorité des marchés financiers (Amf) of the exemptions from the public offering requirements for Christian Dior and LVMH. Following approval from the French regulator, the offering is expected to begin in the first quarter of 2027.
