Nike Taps LVMH Executive Alexandre Arnault as Board Member
Nike's stock price rose overnight after the sportswear giant announced that Alexandre Arnault, deputy CEO of LVMH's Moët Hennessy, would join its board. This appointment brings luxury-brand expertise to Nike's leadership as the company struggles to turn around declining sales and a prolonged stock slump.
Arnault has held his current position at Moët Hennessy since early 2025, after spending four years as a senior executive at Tiffany, which was acquired by LVMH in 2021 for $16 billion. Mark Parker, Executive Chairman of Nike, praised Arnault's brand-building record and noted that he would help the company evolve, innovate, and grow.
Nike faces ongoing challenges, including declining revenue - down 2% to $46.4 billion in fiscal 2026 - and a stock price nearly 80% below its November 2021 high. CEO Elliott Hill has pursued a turnaround strategy focused on product innovation, stronger consumer connections, and a broader presence across physical stores and digital channels.