by JIANG Yiman
Corporate registry filings show that Louis Vuitton (China) Commercial Sales Co., Ltd. has changed its legal representative. David Ponzo has stepped down, with Hugues Bonnet-Masimbert taking over the role.
Bonnet-Masimbert joined LVMH in 1996 and began his career in the luxury sector within the group. In 2018, he moved to Rimowa, where he held senior management roles and led a repositioning of the brand's distribution network, a revamp of its commercial model and the build-out of its e-commerce channels.
He was appointed chief executive of Rimowa in January 2021, succeeding Alexandre Arnault, and took full responsibility for the brand's global operations.
Louis Vuitton (China) Commercial Sales Co., Ltd. was established in November 2004 with registered capital of 50 million yuan, according to registry data. The company is wholly owned by Louis Vuitton Hong Kong Ltd. Its business scope includes retail of publications, food and alcohol, as well as the wholesale and retail of leather goods, luggage and apparel.
In April 2025, LVMH named Daniel DiCicco president and chief executive of Louis Vuitton Greater China, in what was widely seen as a push to strengthen local management. DiCicco previously held senior positions at Apple, Sony Music and Coach, bringing cross-industry and digital experience to the role.
The reshuffle comes at a critical juncture for LVMH in China. In its full-year 2025 results, the group reported revenue of 80.81 billion euros, down 4.6% year on year. Recurring operating profit fell 9% to 17.76 billion euros, while net profit declined 13% to 10.88 billion euros.
In Asia excluding Japan, organic revenue slipped 4% for the year. Performance improved in the second half, however, with organic growth of 2% in the third quarter and 1% in the fourth quarter, reversing the first-half downturn.
Bernard Arnault, LVMH's chairman and chief executive, said at the earnings briefing that while the environment remained uncertain, the group was confident about its long-term prospects.
Among its five main business divisions, fashion and leather goods — the largest — saw revenue fall 8%. Selective retailing was flat year on year. Watches and jewelry declined 1% in reported terms but rose 3% organically, while perfumes and cosmetics, and wines and spirits, fell 3% and 9%, respectively.