Connect with us

Hi, what are you looking for?

Business

Giorgio Armani group names longtime executive Giuseppe Marsocci as CEO

MILAN — Giorgio Armani has appointed deputy managing director Giuseppe Marsocci as chief executive with immediate effect, the Italian fashion house said on Thursday, confirming media reports.

Marsocci, who has been with the company for 23 years, serving as global chief commercial officer for the past six years, steps into the role previously held by founder Giorgio Armani, who died in September.

Armani kept a tight grip on the fashion empire he set up 50 years ago, but a new structure is emerging for its next phase.

Marsocci will oversee the planned sale of a 15% stake, with priority to be given to the luxury conglomerate LVMH.PA, beauty heavyweight L’Oreal OREP.PA, eyewear leader EssilorLuxottica ESLX.PA or another group of “equal standing,” as outlined in Armani’s will.

“His 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, make Giuseppe the most natural choice to ensure continuity with the path outlined by the founder,” said Armani‘s partner and head of men’s design, Pantaleo Dell’Orco, who has taken on the role of chairman.

Dell’Orco has also recently been appointed to chair the Giorgio Armani Foundation, which controls 30% of the voting rights of his business empire. Dell’Orco already controls 40% of the luxury group’s voting rights.

The appointment of Marsocci, 61, was unanimously proposed by the Giorgio Armani Foundation, the luxury group said.

Giorgio Armani’s niece Silvana, head of women’s style, will be appointed vice president, according to the statement.

This post appeared first on NBC NEWS

Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

You May Also Like

Investing

Skyharbour Resources Ltd. (TSX-V: SYH ) (OTCQX: SYHBF ) (Frankfurt: SC1P ) (‘Skyharbour’ or the ‘Company’), is pleased to announce that it has entered...

Politics

In the final three weeks of the presidential race, former president Donald Trump and his advisers have attacked one particular foe more than three...

Business

TGI Fridays, an American casual dining chain, said on Saturday that it has filed for Chapter 11 bankruptcy protection after grappling with prolonged financial...

Stock

Join Tony as he walks you through a Macro Market outlook, where he shares his top bearish and bullish options trading ideas, These include...