Agnellis Exor appoints Hermes CEO as board member in latest luxury push

　　div classBodysc17zpet90 cdBBJodivpMILAN Reuters – Italy‘s Exor has appointed Hermes CEO Axel Dumas as a nonexecutive board member, the Agnelli family’s holding company said on Tuesday, in a move marking its latest step in the luxury space.p

　　pDumas, who has been chief executive of the French luxury group since 2013, has been appointed for a term of one year, Exor said in a statement following its shareholders meeting. pdivdivdiv classBodysc17zpet90 cdBBJodiv

　　pHis appointment can be renewed.p

　　pExor, which in 2020 bought a majority stake in Chinese luxury group Shang Xia from Hermes, has been growing its exposure to the industry, including through its purchase of a 24 stake in shoemaker Christian Louboutin last year.p

　　p“Axel is the sixthgeneration leader of a familyowned company that is the very epitome of excellence and tradition, and is also renowned for its success in seeking renewal and change,” Exor CEO John Elkann, the scion of the Agnelli family, said in the statement.p

　　pFollowing the agreed sale of reinsurer PartnerRe, Exor will soon have a 9 billion euro 9.6 billion coffer available for investments, including in the luxury industry.p

　　pExor is the single largest shareholder in carmaker Stellantis and has controlling stakes in companies including luxury sports car maker Ferrari and Serie A soccer team Juventus.p

　　pAccording to sources, Exor had also explored a possible tie up with Italian fashion group Giorgio Armani, but the company has repeatedly denied it.p

　　p1 0.9348 eurosp

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　　pp Reporting by Giulio Piovaccari editing by Agnieszka Flakp

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