[MILAN] Giorgio Armani appointed company veteran Giuseppe Marsocci as chief executive officer as the Italian fashion house considers a potential sale following the death of its founder.
Marsocci has spent 23 years at Armani, serving as deputy managing director and chief commercial officer since 2019, the company said in a statement on Thursday (Oct 16). He will take over as CEO immediately.
The board selected Marsocci, 61, in a bid for continuity following the death of Giorgio Armani at age 91 in early September. Leo Dell’Orco, the founder’s partner and top aide, is chairman of the company.
The company will complete board appointments in coming weeks, it said. Armani’s niece Silvana Armani, who leads women’s design, will be appointed as vice-president.
The leadership transition at Armani comes at a challenging time for global luxury brands, after well-heeled consumers curbed spending on pricey fashion creations, handbags and watches. Armani sales fell 5 per cent last year to 2.3 billion euros (S$3.5 billion), amid economic uncertainty and slowing demand in China.
Armani’s will instructed the Milan-based company to find a strategic partner to purchase an initial 15 per cent stake within 18 months, with the possibility of raising it to as much as nearly 70 per cent within five years. As an alternative, the company could be listed on a public stock market.
Marsocci’s pre-Armani experience includes luxury brand management and a five-year stint at Fila Sport. BLOOMBERG
