By Alexandra Whittaker
Updated Nov 08, 2017 @ 11:45 am

Dior is making some major changes to its company, and fashion lovers should pay close attention. The fashion house's parent company LVMH Fashion Group announced a major shakeup on Wednesday morning that directly impacts Dior and fellow fashion house Fendi.

In what Business of Fashion calls "perhaps the greatest executive reshuffle" to occur in the fashion industry in a while, LVMH revealed that it's moving Dior and Fendi executives to different positions within the company.

Current Christian Dior Couture chief executive Sidney Toledano will leave Dior in order to lead the LVMH Fashion Group as a whole. As for his former position: LVMH is moving Fendi's chief executive Pietro Beccari to lead Dior. For now, a new candidate for the Fendi chief executive position has not been announced.

The LVMH chairman and chief executive Bernard Arnault seems pleased with the new restructuring, as evidenced by a statement he gave to BoF.

Credit: Catwalking/Getty Images

"Having been an integral member of our group for 12 years, Pietro has an excellent track record,” his statement said. “He will be an excellent leader who will steer Dior towards ever greater success in the future."

Beccari has had the CEO position at Fendi since 2012 and he says he is looking forward to working with Dior women's artistic director, Maria Grazia Chiuri.

“I never had the chance to work with her, but we’ve sat at a few tables together at dinner,” Beccari said to BoF.

“We have a good energy together. I hope that this good energy will be able to create the connection necessary for the maison to perform. I think the relationship between the creative director and the CEO has to work for the house to work. The fact that we are both Italian, and the fact that we both have experience at Fendi, may make it easier for us.”

We can't wait to see how the new restructuring pans out for both brands.