Paris, March 12 (Reuters) - Frederic Arnault, one of Bernard Arnault's five children, is set to take the helm as chief executive of LVMH's prestigious Italian cashmere brand, Loro Piana, in June. The announcement came from the world's leading luxury conglomerate in a statement released on Wednesday.
This move marks a significant part of an ongoing restructuring in the top management, reflecting the emergence of a new generation within LVMH.
All of Bernard Arnault's children occupy top executive roles within the company, with Frederic having led LVMH's watch division for the past year. Despite Bernard, aged 76, showing no intention of stepping down imminently, his children are closely monitored for signs of advancing in the succession race.
Damien Bertrand, the current head of Loro Piana, will transition to the role of deputy CEO at Louis Vuitton and will join the executive committee next year. Meanwhile, Pierre-Emmanuel Angeloglou will assume the position of deputy CEO at Christian Dior Couture, reporting to Delphine Arnault.
The appointment of the new CEO for Fendi is forthcoming, as indicated by LVMH.
Previously, 30-year-old Frederic Arnault served as the CEO of the watch brand Tag Heuer and played a pivotal role in LVMH's decade-long project, announced last year.
He is anticipated to commence his integration at Loro Piana in March, during a joint transitional period with Bertrand, who oversaw a remarkable upsurge in the brand's growth.
Loro Piana has become synonymous with the discreet luxury trend in the fashion industry, epitomized by items like the "Gift of Kings" loafers priced at 1,700 euros ($1,853) and the lightweight cashmere coats retailing for over 10,000 euros. This trend underscores the shift towards understated styles that affluent customers seek in the aftermath of the pandemic.
Frederic Arnault will report to Toni Belloni, his father's longtime deputy, who relocated to Italy to oversee the group's operations after stepping down a year ago.
($1 = 0.9171 euros)