LVMH Moet Hennessy Louis Vuitton SA, the world’s largest luxury-goods maker, named Antoine Arnault chairman of cashmere clothier Loro Piana SpA, expanding the responsibilities of billionaire Bernard Arnault’s eldest son.
Antoine Arnault, 36, will become chairman of Loro Piana’s board, while Sergio Loro Piana and Pier Luigi Loro Piana will be vice presidents of the maker of $6,595 beaver-trimmed cashmere coats, Paris-based LVMH said today in a statement.
“It is an honor to take the reins of Loro Piana alongside Sergio and Pier Luigi,” Antoine Arnault said in the statement. “We will work hand-in-hand to develop the huge potential of this maison.”
The executive was expected to take up a managerial position at Loro Piana after playing a pivotal role in LVMH’s 2 billion-euro ($2.73 billion) acquisition of the company in July, according to a person familiar with the situation. The purchase of 80 percent of Loro Piana has received final regulatory authorization, LVMH also said today.
LVMH Chief Executive Officer Bernard Arnault, 64, is broadening his children’s responsibilities to test them as possible successors, analysts including John Guy at Berenberg Bank have said. Antoine is also chairman of shoemaker Berluti, which he is seeking to transform into a menswear rival to Ermenegildo Zegna SpA and Brioni, owned by Kering SA. His sister, Delphine Arnault, 38, in September joined Louis Vuitton as executive vice president, tasked with reviving LVMH’s biggest brand.