PARIS — Christian Dior appointed two new independent directors on Thursday, as part of the Arnault family’s project to simplify its corporate structures.

Former Paris 2024 organizing committee director and Olympian Tony Estanguet and Xavier Musca, a French economist who is a former executive of the Crédit Agricole bank, fill seats vacated by Nicolas Bazire and Maria Luisa Loro Piana, who have resigned. The changes are effective immediately.

Estanguet will also join Christian Dior’s Performance Audit Committee, while Musca will serve on that committee as well as the Governance and Compensation Committee.

Bazire, a longstanding LVMH Moët Hennessy Louis Vuitton executive, is a member of the French group’s board of directors and executive committee.

These changes are part of the project announced on Sept. 23 to simplify the holding structure for LVMH.

The project to compress a chain of holding structures into just one entity involves merging the Arnault family holding company Agache with its operational investment subsidiary Financière Agache. Agache would then merge into Christian Dior, which holds the bulk of the family’s voting rights and equity stake in LVMH.

Christian Dior would be converted into a limited joint stock partnership and be renamed Agache.

The new company would hold a direct 49.76 percent stake in LVMH, representing 65.55 percent of its voting rights, with LVMH chairman and chief executive officer Bernard Arnault continuing as managing partner of the surviving entity.

As a result of the change, the Arnault family would launch a cash tender offer for the Christian Dior shares it does not already own, representing about 2.44 percent of the company and valued at about 1.63 billion euros.

The transactions would require shareholder and regulatory approval, including from France’s financial markets authority, with votes expected in December and the tender offer potentially opening in the first quarter of 2027.