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.

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

Bernard Arnault aims to raise LVMH’s age limit to 85, allowing him up to nine more years at the helm of the luxury titan as shareholders weigh succession plans.