PARIS — LVMH Moët Hennessy Louis Vuitton has broadened the role of two senior executives — Romain Spitzer and Stéphanie Medioni — in its Perfumes and Cosmetics Division.
Spitzer, currently chief executive officer of LVMH Fragrance Brands, leading Parfums Givenchy and Kenzo Parfums, has had the scope of his job extended with the inclusion of new ventures, according to an internal LVMH announcement Monday.
“In this newly expanded role, Romain will support the beauty roadmap from other divisions of the group in their early stages of product innovation and business development by bringing their incubation projects to completion,” the announcement said.
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Spitzer reports to Stéphane Rinderknech, CEO of LVMH Perfumes and Cosmetics division — which counts 15 beauty brands, including Parfums Christian Dior and Guerlain — and of LVMH Hospitality Excellence.
“Romain’s deep expertise in fragrances is secret to no one, as is his extensive knowledge of the innovation process in crafting perfumery icons,” Rinderknech said in the statement. “Over the past few years he achieved a substantive work with the brand elevation of Parfums Givenchy, in line with the couture — exemplified in the creation of L’Intérdit or the reinvention of Gentleman.
“I am confident that he will become a key asset to help the group’s most prestigious maison set foot in the beauty industry in a strong and sustainable way,” he added.
Meanwhile, Medioni is also expanding her remit. The LVMH beauty executive president, who heads strategy and development, now leads “the ambition of consolidating transversal functions, including CMI, media, retail and omnichannel,” too, LVMH said in a separate internal announcement. Medioni will be in charge of integrating data and artificial intelligence, and sustainability, as well.
At the same time, Medioni will continue to oversee Aqua di Parma, Parfums Loewe, Maison Francis Kurkdjian, Make Up For Ever, Officine Universelle Buly, Stella McCartney Beauty, Fresh and Benefit.
Rinderknech called hers a “highly strategic role for LVMH Beauty.”
“Stéphanie is a key figure in the group with a deep knowledge and expertise of the beauty industry,” he said. “Over the past years, she has contributed tremendously to set the foundations of this division, demonstrating leadership in building strategic vision, organizational capacity while developing great talents around her.”
Rinderknech said he is confident “in her ability to help this division reach the next milestone and achieve our ambitious strategic goals.”
The extended roles at LVMH come at a time when European luxury groups are moving in on beauty like never before. Kering has taken its beauty in-house and Richemont is building a Laboratoire de Haute Parfumerie, for instance.
Rinderknech was named chief of LVMH Perfumes and Cosmetics in March 2023. It’s a role no one had held at the group since 2004. His nomination came amid a number of high-profile changes in the division.
Shape-shifting is happening at a rapid pace. Luxury makers’ homing in on beauty and cosmetics is a sign of the times, as luxury makers’ once red-hot trades in China and in fashion cool, while beauty keeps proving its staying power, despite the ongoing tough geopolitical and macroeconomic climate. Beauty is a lure today for reasons including its growth, resilience, desirability and margins.
Fragrance and cosmetics is a big, fast-developing business, with its products boasting high frequency of use. The category generated sales in 2022 of about $430 billion, according to a McKinsey study that projected those will reach about $580 billion by 2027, representing projected annual growth of 6 percent.
In 2023, LVMH’s Perfumes and Cosmetics division generated sales of 8.27 billion euros, up 7 percent year-on-year.
In the WWD Beauty Inc Top 100 ranking of beauty makers, reflecting 2022 sales — the most recent to date — LVMH ranked sixth, following L’Oréal, Unilever, the Estée Lauder Cos., Procter & Gamble and Shiseido.
