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Luxury powerhouse LVMH (EPA:LVMH) has announced a new leadership appointment within its ranks, naming Federic Arnault as the incoming chief executive of the luxury Italian cashmere label Loro Piana. Set to take on the role in June, the move signals a step in the company’s ongoing succession planning.
Federic Arnault, 30, who currently oversees LVMH’s watches division, is slated to replace Damien Bertrand as Loro Piana’s chief executive on June 10. This strategic decision was disclosed in a statement by LVMH on Wednesday. The reshuffle also includes Bertrand’s promotion to deputy CEO of Louis Vuitton, another prestigious brand under the LVMH umbrella.
The appointment of Federic, one of Bernard Arnault’s five children, reflects the broader leadership changes that have been taking place at LVMH. The company has been actively reorganizing its management structure, as evidenced by a significant reshuffle in November. During this realignment, Alexandre Arnault, another of Bernard Arnault’s sons, returned to LVMH’s Paris headquarters from his position at Tiffany & Co (NYSE:TIF). in New York.
Bernard Arnault, chairman and CEO of LVMH and a renowned billionaire, has been making calculated moves to position his children in key roles within the company. These appointments are closely watched by industry insiders and market observers, as they provide insights into the potential succession dynamics within the world’s largest luxury goods conglomerate.
Federic Arnault’s new position at Loro Piana is expected to bring a fresh perspective to the brand, which is known for its high-quality cashmere and luxury goods. As the reshuffling continues, the focus on succession planning within LVMH remains a topic of interest, with strategic leadership placements hinting at the future direction of the company.
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