LVMH announced in a press release on Thursday that Antonio Belloni would be stepping down from his position as Group Chief Operating Officer and from the Executive Board at the end of the Annual General Meeting of Shareholders scheduled for April 18.

Stéphane Bianchi will take over Antonio Belloni's executive duties and chair LVMH's executive committee, the French luxury giant said.

Antonio Belloni will retain his functions within LVMH, the statement said, with strategic missions for owner Bernard Arnault and the presidency of LVMH Italy.

(Mimosa Spencer, written by Nicolas Delame and Jean Terzian, edited by Sophie Louet)