LVMH, the world's biggest luxury goods group, named on Tuesday Serge Brunschwig as the new chairman and chief executive of its Fendi fashion house, as part of an internal reshuffle.

Brunschwig will replace Pietro Beccari, who will now become the Chairman and CEO of LVMH's Christian Dior Couture arm. Brunschwig will report to Toni Belloni, LVMH Group Managing Director, LVMH added on Tuesday.

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Last month, LVMH reported higher annual profits and said it had made a favourable start to 2018 after a revival in Chinese demand boosted sales last year and spurred on some of its major brands like Louis Vuitton.