There are few people left at LVMH who truly remember the old days—the time, way back, when the temple of luxury goods and Europe’s largest company was mostly still a real estate business. There is Bernard Arnault, of course, the C.E.O. and chairman who molded the empire. And then there is Michael Burke, who’s been with Arnault for nearly 40 years, perhaps as far back as when the great man was shilling vacation rental homes in Florida. In February, Burke was named C.E.O. of LVMH’s fashion division, a career capstone after decades ascending the greasy pole. Then, just this morning, BoF broke the news that he is suddenly “stepping back” from the role after just four months.