LVMH’s Frederic Arnault named managing director of family holding Financiere Agache

Frederic Arnault, one of LVMH Chairman and CEO Bernard Arnault‘s five children and heirs, has been named managing director of the family holding company Financiere Agache, adding to his roles in the sprawling luxury empire.

Frederic Arnault, 29, who is CEO of LVMH watches, replaces Nicolas Bazire, and will also serve on the board of the holding company as a representative of Agache, the family company that controls it, the company website showed.

The appointment was confirmed by a company spokesperson on Wednesday.

All five of the chairman’s children hold top management roles in the luxury group, the world’s largest, with labels Louis Vuitton and Dior.

Frederic Arnault and his older brother Alexandre, 32, were approved in April to join the LVMH board, whose members also include siblings Antoine, 46, and Delphine, 49.

Bernard Arnault, 75, recently reshuffled the top ranks of management at LVMH, but has shown no signs of stepping back, saying in January that he did not intend to leave in the near or medium term.

The group raised the age limit for his role to 80 two years ago.

Financiere Agache owns 96% of family holding company Christian Dior, which holds 42% of LVMH.