Photo: Bertrand Rindoff Petroff/Getty

Louis Vuitton’s executive vice president Delphine Arnault and Owner of LVMH Luxury Group Bernard Arnault attend the Louis Vuitton Menswear Spring Summer 2020 show as part of Paris Fashion Week on June 20, 2019 in Paris, France.

The world’s richest person,Bernard Arnault, just appointed his daughter CEO at Christian Dior.

The fashion house’s parent company LVMH, a global luxury goods conglomerate that he runs,announced the news on Wednesday.

Delphine Arnault, 45, will move over from Louis Vuitton, where she served as executive vice president, to her new positionas CEO and chair of Christian Dior Couturestarting Feb. 1. She will replace Pietro Beccari, who has been CEO of Dior since 2018; Beccari is now moving to run Louis Vuitton.

“Under her leadership, the desirability of Louis Vuitton products advanced significantly, enabling the brand to regularly set new sales records,” he continued in the statement. “Her keen insights and incomparable experience will be decisive assets in driving the ongoing development of Christian Dior.”

Bernard, 73, remains active as CEO for LVMH, which he co-founded in 1987. In addition to Dior and Louis Vuitton, the luxury goods corporation includes more than 70 prestigious brands, including Givenchy, Marc Jacobs, Moët & Chandon, Tiffany & Co. and Fenty Beauty.

ERIC PIERMONT/AFP via Getty

Chairman and Chief Executive of LVMH Bernard Arnault and Louis Vuitton Executive vice president Delphine Arnault pose following the presentation of the group’s environmental “Life” program (LVMH Initiatives For the Environment) on September 25, 2019 at LVMH headquarters in Paris.

According to a 2019 story in theNew York Times, Bernard first began his accumulation of companies in the 1980s, when he purchased a bankrupt French textile company called Boussac. He sold most of the company but kept one piece, Dior, and expanded it.

Bernard has a reputation for being extremely competitive and wanted to own the top luxury company when he realized he couldn’t be No. 1 in his two other passions, piano and tennis, according to theTimesreport.

Bertrand Rindoff Petroff/Getty

Delphine Arnault attends the FIAC 2021 - International Contemporary Art Fair : Press Preview at Grand Palais Ephemere on October 20, 2021 in Paris, France.

Delphine’s younger brotherAlexandre Arnaultis VP of product & communications at Tiffany & Co.BeyoncéandJay-Z, who starred in one of the brand’s most memorable campaigns, 2021’s ABOUT LOVE, attended the 30-year-old’s wedding in Venice that same year.

“Beyoncé and JAY-Z are the epitome of the modern love story. As a brand that has always stood for love, strength and self-expression, we could not think of a more iconic couple that better represents Tiffany’s values,” Alexandre said in a statement to PEOPLE at the time. “We are honored to have the Carters as a part of the Tiffany family.”

Never miss a story — sign up forPEOPLE’s free daily newsletterto stay up-to-date on the best of what PEOPLE has to offer, from juicy celebrity news to compelling human interest stories.

The 2019 purchase placed Bernard just (billions) shy of the two wealthiest people in the world, Microsoft founderBill Gatesand Amazon founderJeff Bezos.

Forbes officially announced Bernardas the world’s richest person in May of 2021, with an estimated net worth of $186.3 billion — putting him $300 million aboveJeff Bezos, who was worth $186 billion, andElon Musk, worth $147.3 billion at that time.

source: people.com