The family gained more control over the diverse enterprise, which encompasses hotels, jewelry, and fashion, as the two sons and heirs of LVMH Chairman and CEO Bernard Arnault were appointed to the board of the luxury goods company.

Shareholders accepted Frederic Arnault, 29, and Alexandre Arnault, 31, as nominees, along with their elder siblings, Antoine Arnault, 46, and Delphine Arnault, 49.

Including the youngest, 25-year-old Jean Arnault, all five of the chairman's children have important managerial positions within the company.

Shareholders approved the appointment of French businessman Henri de Castries to the board during the meeting held on Thursday.

Despite the recent reorganization of LVMH's top management, there is no indication that 75-year-old Bernard Arnault intends to step down. In fact, back in January, he made it clear that he had no immediate plans to do so.

Two years ago, the group increased the upper age limit to 80 for his role.

There have been several changes in the top management structure, including the appointment of Stephane Bianchi to work alongside Bernard Arnault and oversee the strategic operations of its brands. Toni Belloni, a longstanding lieutenant, has left to become president of LVMH Italy.

Last month, Sidney Toledano, a long-time deputy, stepped down from his role as chairman of LVMH's fashion group to assume the position of advisor to Bernard Arnault. Michael Burke, an experienced fashion executive from LVMH, replaced him and supervised Louis Vuitton for over ten years.