After Bernard Arnault himself, Hubert Védrine is one of the longest-serving directors of LVMH. He was diplomatic adviser to France's Socialist president François Mitterrand in the 1980s and then foreign minister from 1997 till 2002. He joined the board of the luxury goods giant in 2004.

His position at LVMH has been diligently renewed since then and is due to expire this year. But he is expected to request to stay on as a director for a further three years, until he turns 80, according to our sources.