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Just two years ago, former Louis Vuitton C.E.O. Michael Burke’s future at LVMH seemed uncertain. A devout steward of Bernard Arnault’s vision who first started working for him in the mid-1980s, Burke had been given a seemingly pre-retirement post running the Fashion Group in 2023. Curiously, however, he was removed (or removed himself) almost as soon as he’d been appointed. His predecessor, the semi-sunsetted teddy bear and fellow longtime LVMH stalwart Sidney Toledano, returned to the gig in an odd series of events that were never clearly explained externally.