(NEW YORK) Cashmere kingpin alert: Antoine Arnault, son of LVMH head honcho Bernard Arnault, has been appointed chairman of luxury Italian knits company Loro Piana. Brothers Sergio and Pier Luigi Loro Piana, who still own 20 percent of the business, will both serve as vice presidents at the company. Arnault also serves as the CEO of luxury Italian shoewear brand Berluti, which is in the process of being expanded into a global luxury lifestyle brand. Delphine Arnault, Antoine’s sister, was also recently promoted within the family empire via the title of executive vice president at Louis Vuitton, the luxury conglomerate’s biggest and most profitable brand.
The Loro Piana family has been making luxury products from the finest yarns since the 19th century and officially became known as Loro Piana in 1924 when it was established by Pietro Loro Piana. The brand currently has 132 stores worldwide. An 80 percent stake in the brand was purchased by LVMH in July for 2 billion euros ($2.56 billion at current exchange).