ROME (AP) — Armani fashion house announced Thursday that it has named luxury brand veteran and longtime manager Giuseppe Marsocci as its new chief executive officer. Last month, the founder passed away at the age of 91.
Marsocchi, 61, has held top positions at Armani Group in Italy and abroad for 23 years, spearheading a critical period for the fashion empire, one of the country’s most valuable and best-known companies.
The late Giorgio Armani instructed his successors: Sell first 15% minority stake Within a year and 18 months of his death, French conglomerate LVMH, eyewear giant Essilor Luxottica or cosmetics company L’Oréal had priority access to his vast fashion business.
Armani gave 40% control of his business empire to his longtime collaborator and head of men’s wear, Leo Dell’Orco, and a further 15% to his niece Silvana Armani, head of women’s wear, and his nephew Andrea Camerana. The Armani Foundation, which he established as his successor in 2016, will manage the remaining 30%.
Mr. Marsocchi has worked with Mr. Armani on the global management of the business as Deputy Managing Director and Global Chief Commercial Officer.
“This appointment is an important confirmation of the Armani family’s united will to continue the project that Giorgio Armani has built and sustained for 50 years,” the group said.
Armani was a rare figure in Italian fashion, maintaining tight control over his fashion empire in the face of advances from LVMH, Gucci (now part of the Kering Group), Kering itself, and the heirs of the Agnelli family that founded Fiat.
Mr. Marsocchi’s appointment was proposed unanimously by the Armani Foundation. He will report directly to the board of directors, chaired by Dell’Orco, and Silvana Armani will be appointed vice president.
Mr. Dell’Orco praised Mr. Marsocchi’s “international professional experience, deep knowledge of the sector and the company, discretion, loyalty and team spirit, as well as his closeness with Mr. Armani in recent years.”
Marsocci acknowledged the challenges his new role presents in an increasingly competitive luxury market and vowed to continue Armani’s style.
“We will make every effort to perpetuate[Giorgio Armani’s]business model and his idea of beauty and promote it with consistency and sensitivity, taking into account the changing values and expectations of the world,” he said.
