PARIS, Nov 22 (Reuters) - Antoine Arnault, one of LVMH Chairman and CEO Bernard Arnault's five children and heirs, will step back from the day-to-day management of upscale menswear label Berluti in January, kicking off a management reshuffle at several labels in the group.

Arnault, who is in charge of image and environment at LVMH, and credited with negotiating a high-profile deal for the company to sponsor next summer's Paris Olympic Games, will remain chairman of Berluti, which he has managed since 2012, as well as Loro Piana.

"From its heritage as a shoe specialist, Berluti has come a long way to become a full-fledged Maison for men," said Toni Belloni, LVMH group managing director.

Berluti will design the summer Olympics and Paralympics opening ceremony uniforms for the French teams, raising the profile of the upscale menswear label known for buffed leather shoes and tailored suits.

Jean-Marc Mansvelt, CEO of historic jewellery label Chaumet, will become CEO of Berluti, while Charles Leung, CEO of jewellery label Fred, will become CEO of Chaumet. The group will seek a successor for Leung, who recently created buzz by introducing high-end jewellery featuring lab-created diamonds.

All of Bernard Arnault’s five children hold important positions in LVMH, with each closely eyed for any sign of pulling ahead of others to one day succeed the 74-year old CEO, who has not indicated he plans to step down any time soon.

(Reporting by Mimosa Spencer; editing by Jason Neely)