French luxury company LVMH has announced that the longtime CEO of handbag brand Louis Vuitton, Yves Carcelle, will be replaced by an executive from French yogurt maker Danone.
Jordi Constans, a 47-year-old managing director at Danone, will be working side-by-side with Carcelle through 2012. After learning the ropes, Constans will succeed Carcelle, who was named Vuitton CEO in 1990.
LVMH said in a statement Wednesday that Carcelle will become president of the Fondation Louis Vuitton, a space opening in 2013 to promote the arts. He will remain on the executive of LVMH, Vuitton's parent company.
The statement paid homage to the "spectacular and widely acclaimed growth" at Vuitton, a historic trunk-maker that is now among the biggest brands worldwide, during Carcelle's 21-year-long tenure.