Frederic Arnault, one of the five children of LVMH, opens new tab 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.
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.
U.S. President Donald Trump has said that the United States will 'help' Russia after a laboratory worker died at a plague research institut...
Türkiye and Pakistan are to deploy military personnel to Saudi Arabia, after the three countries agreed to activate their joint defence p...
The United States has warned foreign financial institutions that continued dealings with Iran's banking sec...
Australian counterterrorism authorities are examining the links of the co-pilot accused of attacking the captain and attempting to take control of a flydubai flight bound for Israel. Authorities in New Zealand have also said they are investigating reports the suspect had spent time in that country.
Right-wing Brazilian Senator Flavio Bolsonaro will face leftist President Luiz Inacio Lula da Silva in a runoff of the presidential election later this month, after he exceeded expectations in Sunday's first-round vote with a slight lead over the incumbent.
Iran's Oil Minister Mohsen Paknejad has resigned, with Hamid Bovard, chief executive of the state-owned National Iranian Oil Company (NIOC), appointed as acting oil minister, according to Iranian state media.
U.S. President Donald Trump has said that the United States will 'help' Russia after a laboratory worker died at a plague research institute in Siberia.
Candidates elected to Bosnia and Herzegovina's three-member presidency declared victory after preliminary unofficial results showed Denis Becirovic leading the Bosniak seat, Darijana Filipovic ahead in the Croat seat and Zeljka Cvijanovic likely retaining the Serb seat.
Exiled Russian filmmaker Andrey Zvyagintsev confronts conscription and moral compromise in wartime Russia in Minotaur, a drama released nearly five years after Moscow launched its full-scale invasion of Ukraine.
As Ethiopia's rainy season retreats and the landscape turns green beneath clearer skies, millions of Oromo people gather to celebrate Irreecha, a festival of thanksgiving, renewal and community.
A 13-month-old Chihuahua named Comando is helping Mexico’s National Guard connect with the public, becoming its smallest canine member and an unusual addition to the country’s K9 force.
In a workshop in Margilan, in eastern Uzbekistan's Fergana Region, silk threads are still being transformed into brightly coloured atlas and adras fabrics using techniques passed down through generations.
An online petition is calling for singer Pink to be removed from her UNICEF role following criticism of Macklemore over his pro-Palestinian remarks during Ed Sheeran’s U.S. tour.
You can download the AnewZ application from Play Store and the App Store.
What is your opinion on this topic?
Leave the first comment