Hennessy Cognac and Glenmorangie whisky owner LVMH has promoted Stephane Bianchi to group managing director.

Bianchi, who joined the luxury-goods giant in 2018, succeeds Toni Belloni, who will become president of the company’s business in Italy.

In a statement, LVMH said Belloni, who had been MD since 2001, had decided to “relinquish his duties” in the role and as chairman of the company’s executive committee.

Bianchi will take on both positions and “exercise alongside [principal shareholder] Bernard Arnault, the strategic and operational supervision of the group’s maisons”, the company said.

As well as his role in Italy, Belloni will “be in charge of strategic missions” for Arnault.

Bianchi, who LVMH hired five years ago as CEO of watch business Tag Heuer, said: “I am honoured by the confidence granted by Mr. Arnault, to contribute more widely, in the continuity of Toni’s action and with all the LVMH teams, to always and relentlessly strengthen the success of our group.”

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Belloni added: “We have achieved excellent results, always respecting our values and supporting numerous initiatives for the benefit of the greatest number of people. It is now up to Stéphane to take us even further.”

In 2023, LVMH generated revenue of €86.2bn ($93.63bn), which amounted to an organic increase of 13%.

Profit from recurring operations stood at €22.8bn for 2023, up 8%. Group share of net profit amounted to €15.bn, also an increase of 8%.

However, the revenue from LVMH’s wine and spirits division fell 7% to €7.1bn and was down 4% organically.

The company pointed to a “particularly high basis of comparison” with 2022. It also cited “a transitional year for Cognac after two years of strong growth”.

The unit’s profit from recurring operations was down 2%.