- Luxury-goods maker names new leader 3 years after buying unit
- LVMH to announce new position for Brisset, current CEO, soon
LVMH Moet Hennessy Louis Vuitton SE named Fabio d’Angelantonio as new chief executive officer of Loro Piana three years after the French luxury-goods maker acquired the maker of rare cashmere fashion.
Matthieu Brisset, who joined Loro Piana as CEO when LVMH acquired the business in 2013, will be named to a new position within LVMH shortly, the company said in a statement. D’Angelantonio, who has worked for sunglass maker Luxottica since 2005, will start in September.
The change means Loro Piana will be led by an Italian with a strong record of developing brands and retail operations at a time luxury market growth is sputtering. Brisset, a former mergers and acquisitions banker at JP Morgan Chase & Co., was brought in to manage the integration and position Loro Piana for the future, according to the statement. He has worked at LVMH since 2008, according to his LinkedIn profile.
Antoine Arnault, the son of LVMH’s chairman and owner Bernard Arnault, remains Loro Piana’s chairman. He was appointed to the role after LVMH paid 2 billion euros ($2.2 billion) for an 80 percent stake in the maker of 17,300-euro capes and 37,500-euro coats.
The Loro Piana family has been trading wool and textiles since the beginning of the 19th century and established the company bearing their name in 1924. Franco Loro Piana, a nephew of the founder, started exporting fine fabrics to international markets in the mid-1940s and from the 1970s his sons Sergio and Pier Luigi developed the brand and expanded into luxury retail. Sergio died in 2013.
Put and call options on the Loro Piana family’s 20 percent stake expire this year, meaning LVMH could ask members to sell it or the Loro Pianas could make LVMH buy.
Chief Operating Officer Fabio Leoncini left last year.