Nike has added Alexandre Arnault, deputy chief executive of LVMH’s Moët Hennessy division, to its board of directors, marking the first time a member of the luxury conglomerate’s founding family has joined the leadership of the sportswear giant. Arnault, 34, is the third child of Bernard Arnault, the billionaire CEO of LVMH, and brings experience from several key roles within the luxury group.

The appointment comes as Nike faces ongoing challenges in maintaining sales growth. The company has lost market share by relying heavily on older product lines and shifting toward direct-to-consumer sales, a strategy that has reduced its presence in traditional footwear retail outlets. CEO Elliott Hill has been working to reverse this trend amid a backdrop of shares hitting their lowest level in over a decade. Following the announcement, Nike’s shares rose marginally by 0.1 percent in New York trading.

Mark Parker, Nike’s executive chair, praised Arnault for his track record in helping “iconic global brands evolve, innovate and grow in a changing, complex marketplace.” Alexandre Arnault’s appointment reflects a broader trend of LVMH’s increasing engagement with the sports sector. The French luxury group has notably expanded its presence as sponsors of the 2024 Paris Olympics and Formula 1 racing, and the Arnault family acquired Paris FC football club earlier in 2024.

Arnault’s background includes leadership positions that have transformed several LVMH brands. As CEO of Rimowa, the German luggage maker, he repositioned the brand as a high-end fashion label. He later became deputy CEO at Moët Hennessy, a division that had struggled in recent years but has shown improvement under his management. He also worked at Tiffany & Co. after LVMH’s $16 billion acquisition in 2021, where he brokered partnerships with the NBA and Nike aimed at attracting younger consumers.

Alexandre Arnault has expressed enthusiasm about joining Nike, stating on social media that he has been a lifelong admirer of the brand, particularly its emphasis on sport, innovation, creativity, and pushing boundaries.

Within the Arnault family, all five children are involved in operational roles across LVMH’s various brands as part of a longer-term succession plan. His younger brother Frédéric Arnault currently leads the luxury brand Loro Piana. Bernard Arnault, aged 77, has indicated he intends to remain at the helm of LVMH for the foreseeable future.