Burke will succeed Toledano at LVMH Fashion Group. LVMH chairman and chief executive officer Bernard Arnault will work with Toledano as an adviser alongside his role at the Paris fashion school IFM after Toledano leaves the executive committee.

With the handover, LVMH completes one of the biggest guard changes in its history. The transition began one year ago when Burke stepped down as Louis Vuitton chairman and CEO after a stellar 10-year tenure, passing the baton to then-Dior chairman and CEO Pietro Beccari, who in turn was succeeded by Delphine Arnault.