By Mimosa Spencer and Tassilo Hummel
PARIS (Reuters) -Frederic Arnault, one of the five children of LVMH chairman and CEO Bernard Arnault, will become chief executive of the group’s high-end Italian cashmere label Loro Piana in June, the world’s biggest luxury group said in a statement on Wednesday.
The move is part of an ongoing extensive top management reshuffle as a new generation rises through LVMH’s ranks.
All of Bernard Arnault’s children hold top management positions in the company, with Frederic heading LVMH’s watches division for the past year.
While Bernard, 76, has given no indication he intends to step down any time soon, his children are all closely watched for signs of moving ahead in the race to succeed him one day.
Damien Bertrand, who currently heads Loro Piana, will become deputy CEO of Louis Vuitton and will join the group’s executive committee next year while Pierre-Emmanuel Angeloglou will join Christian Dior Couture as deputy CEO, reporting to Delphine Arnault.
The new CEO of Fendi will be announced shortly, LVMH added.
Frederic Arnault, 30, was previously CEO of watch brand Tag Heuer and played a key role in LVMH’s 10-year Formula 1 sponsorship deal, announced last year.
He will join Loro Piana in March for a transition period alongside Bertrand, who oversaw a surge in growth at the label.
Loro Piana, which sells “Gift of Kings” loafers priced at 1,700 euros ($1,853) and lightweight cashmere coats at over 10,000 euros, became a symbol of the success of the fashion industry’s quiet luxury trend, as wealthy clients sought more discreet styles in the post-pandemic period.
Frederic Arnault will report to his father’s former long-time deputy, Toni Belloni, who stepped down a year ago and moved to Italy to head the group’s operations there.
($1 = 0.9171 euros)
(Reporting by Tassilo Hummel and Mimosa Spencer, editing by GV De Clercq, Kirsten Donovan)
