PARIS (Reuters) - 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 move is part of an extensive top management reshuffle as a new generation rises through LVMH's ranks.

Damien Bertrand, who currently heads Loro Piana, will become deputy CEO of Louis Vuitton while Pierre-Emmanuel Angeloglou will join Christian Dior Couture as deputy CEO, reporting to Delphine Arnault.

All of Bernard Arnault's children hold top management positions in the company. Frederic has headed LVMH's watches division for the past year.

While Bernard, 76, has given no indication he intends to step down any time soon, his children are all closely watched for signs of moving ahead in the race to succeed him one day.

The new CEO of Fendi will be announced shortly, LVMH added.