(Bloomberg) -- 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 departure of Brisset, a former mergers and acquisitions banker at JPMorgan Chase & Co., adds to the uncertainty surrounding the future direction of Loro Piana. Chief Operating Officer Fabio Leoncini left last year and the Loro Piana family’s involvement in the company is unclear beyond 2016. Put and call options on its 20 percent stake expire this year, meaning LVMH could ask members to sell it or the Loro Pianas could make LVMH buy.
Antoine Arnault, the son of LVMH’s chairman and owner Bernard Arnault, is 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.
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