LVMH Group announced the acquisition of Italian luxury cashmere house Loro Piana SpA had received all final authorizations and named Antoine Arnault, eldest son of the luxury group's CEO Bernard Arnault, Chairman of the Board, expanding his current list of responsibilities at LVMH.
The French luxury holding company purchased an 80 percent stake in Loro Piana in July for 2 billion euros, stating that the 6th generation Loro Piana family would hold the remaining 20 percent share and that the company's former owners and directors, brothers Sergio and Pier Luigi Loro Piana would remain in the company business.
the past Pier Luigi was chairman while Sergio was CEO, and the brother agreed to rotate their positions every three years, however in a press release sent out by the LVMH group and the Loro Piana family, it stated that the two had taken on the role of vice-president.
Sergio and Pier Luigi Loro Piana said: "We are very pleased to join the LVMH group officially today. Since the announcement of the acquisition, we have been able to see how LVMH and its leaders share both in our passion for excellence and quality, as well as in our long term vision.”
The pair added that the new appointment of Antoine Arnault is “a strong signal of the friendship between our two families now. LVMH’s expertise in high-end luxury, demonstrated for over a decade at Louis Vuitton and now with the development of Berluti, is indisputable".
Antoine Arnault is currently the CEO at Berluti, part of the LVMH group, which is known for its exclusive men's footwear. He was taken on in 2011 to help turn the brand into an international, all around luxury lifestyle brand for men.
Antione takes on more responsibilities at LVMH
Concerning his new role at Loro Piana he commented: “It is an honour to take the reins of Loro Piana alongside Sergio and Pier Luigi. They have made this maison a real gem for lovers of exceptional products. The finest materials and the rarest cashmeres, offered in the most exclusive boutiques, are the essence of Loro Piana. We will work hand in hand to develop the huge potential of this maison.”
Many analysts and experts believe that Bernard Arnault is currently testing his children to see if they could be future successors, as Antoine's sister Delphine was taken on as second in command at Louis Vuitton last summer. Delphine has been busy developing her reputation in the industry, as she spearheaded the launch of LVMH Young Fashion Designer Prize.
LVMH was initially interested in acquiring Loro Piana to help expand its presence in the luxury handcrafted and handmade product market that is increasingly popular with Asian buyers.
Photos: Antoine Arnault and his sister Delphine Arnault.