Nike has appointed Alexandre Arnault, 34, to its board of directors, bringing a scion of the LVMH luxury empire into the leadership ranks of the world's largest sportswear company. Arnault, deputy chief executive of LVMH wines and spirits division Moët Hennessy and son of billionaire CEO Bernard Arnault, arrives as Nike shares hover at a dozen-year low following struggles with declining sales. The company has been attempting a turnaround under chief executive Elliott Hill, who has been trying to reverse losses after relying too much on older designs.

Mark Parker, Nike executive chair, praised Arnault's reputation for helping iconic global brands evolve and innovate in a complex marketplace. Shares rose 0.4 per cent in after-market trading on Wednesday following the announcement. Alexandre Arnault is the third of Bernard Arnault's five children, all of whom hold operational roles at LVMH as they learn the business.

His younger brother Frédéric Arnault serves as chief of luxury brand Loro Piana. The appointment follows a concerted push by LVMH into the world of sport, including prominent sponsorship of the 2024 Paris Olympics and Formula 1 racing. The Arnault family also bought Paris FC football club in 2024.

Alexandre Arnault has served as number two at LVMH's wine and spirits division since 2025. The maker of Hennessy cognac was previously one of the group's worst-performing divisions, but recent quarters have shown signs of improvement. Prior to that role, he was a senior executive at US jeweller Tiffany, which LVMH bought for $16 billion in 2021.

During his tenure at Tiffany, he oversaw collaborations with the NBA and Nike, and led LVMH's 2016 acquisition of Rimowa, transforming it from a utilitarian German luggage maker into a fashionable brand commanding higher prices. In a social media post, Arnault said he has 'been a lifelong fan of the Nike brand and everything it stands for: sport, innovation, creativity and constantly pushing what's possible'.