Frederic Arnault, one of the five children of LVMH 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 on Wednesday.

The fashion role is expected to bolster Frédéric Arnault’s credentials as a candidate to one day lead the luxury-goods giant.

The Italian luxury brand’s current CEO Damien Bertrand has been named Louis Vuitton deputy CEO while Fendi CEO Pierre-Emmanuel Angeloglou goes to Dior as deputy CEO.