Bernard Arnault, the billionaire CEO and chairman of French luxury giant LVMH, is shuffling one of his children around at his companies again. Frédéric Arnault, the chief executive's 29-year-old son,

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

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.

LVMH has announced yet another CEO shuffle within the company that now names Frédéric Arnault the new CEO of Loro Piana.

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.