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LVMH names D’Angelantonio CEO for cashmere maker Loro Piana

<> the Flagship Opening celebration on New York's Famed Fifth Avenue at Sunglass Hut on April 28, 2010 in New York City.

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.

(Source: Bloomberg)