LVMH is set to name a new head of Kenzo this week to try to boost lagging sales at the fashion brand, a source close to the matter said on Monday.

"Eric Marechalle will be named this week at the helm of Kenzo, replacing James Greenfield," the source told Reuters, confirming a report in French daily Le Figaro.

Luxury goods giant LVMH, which has owned Kenzo since 1993, declined to comment.

Designer Kenzo Takada retired in 1999, but the brand continued under LVMH.

The brand currently barely breaks even, having suffered hefty losses in the past.

In May, LVMH denied media reports that it was looking for potential buyers for Kenzo, whose annual sales are estimated at about 150 million euros (200 million dollars).