ROME (AP) — The Armani fashion house said on Thursday it has appointed luxury veteran and longtime manager Giuseppe Marsocci as its new chief executive officer, following the death of its founder last month at 91.
Marsocci, 61, who has been with the Armani group in top roles for 23 years, both in Italy and abroad, takes the lead at a crucial time for the fashion empire, one of the most valuable and best-known companies in the country.
The late Giorgio Armani instructed his heirs to sell an initial 15% minority stake in his vast fashion business not before one year and within 18 months of his death, with preference given to the French conglomerate LVMH, the eyewear giant Essilor-Luxottica or the cosmetics company L’Oreal.
Armani gave control of 40% of his business empire to his longtime collaborator and head of menswear Leo Dell’Orco, and another 15% each to niece Silvana Armani, the head of womenswear, and nephew Andrea Camerana. The Armani Foundation, which he established in 2016 as a succession vehicle, will control the remaining 30%.
Marsocci has worked side by side with Armani in the global management of the business as deputy managing director and global chief commercial officer.
“The appointment is an important confirmation of the united will of the Armani family to continue the project that Giorgio Armani has built and sustained for 50 years,” the group said.
Armani was a rarity in Italian fashion, retaining tight control of his fashion empire in the face of advances from LVMH and Gucci, now part of the Kering group, and from Kering itself, as well as the Fiat-founding Agnelli family heirs.
Marsocci’s appointment was unanimously proposed by the Armani Foundation. He will report to the board of directors chaired by Dell’Orco, while Silvana Armani will be appointed as vice president.
Dell’Orco praised Marsocci’s “international professional experience, deep knowledge of the sector and the company, discretion, loyalty, and team spirit, together with his closeness to Mr. Armani in recent years.”
Marsocci acknowledged the challenges facing his new role, in an increasingly competitive luxury market, and pledged continuity with Armani’s style.
“We will do everything to perpetuate the (Giorgio Armani) business model and his idea of beauty, and we will carry it forward with consistency and sensitivity, taking into account the values and expectations of a changing world,” he said.