The president of LVMH North America, Renaud Dutreil, has stepped down from his post.

"After four years at the head of LVMH North America, I've decided to leave the group and create my own business, based in New York," he said in a statement.

"I will continue to serve and promote French talent in my new entrepreneurial activities as I have always done," he added, without giving details.

LVMH in Paris declined to comment on Dutreil's departure. Dutreil quit politics to join LVMH in 2008, having formerly held several ministerial posts in the French government.