TLL Staff
The leading fashion house Armani has appointed luxury veteran and longtime manager Giuseppe Marsocci as its new CEO.
Marsocci was appointed to the position following the death of founder Georgio Armani last month at the age of 91.
Marsocci has been with the Armani group, serving in various senior management roles for 23 years. He takes the wheel at a critical time for Armani, which will operate without the guiding hand of its founder for the first time.
He also comes to the role with some clear guidance from Armani himself, who instructed his heirs to sell an initial 15% minority stake in the company’s global business within 18 months of his death. Armani said his preference was a partnership with the French fashion group 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 comes to the role after decades working as a right-hand man for Armani in the global management of fashion house 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.
Marsocci’s appointment was unanimously supported by the Armani Foundation. He will now report to the newly reconstituted 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 promised he will carry forward Armani’s legacy, and act to safeguard the company’s business model and philosophy in a highly competitive fashion market.
“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.