UNDER EMBARGO PLEASE WAIT UNTIL MY GREEN LIGHT
MILAN – The Giorgio Armani Group has a new chief executive officer and it’s someone long associated with and loyal to the late designer.
On Thursday, Giuseppe Marsocci was named to lead the fashion group, effective immediately, along with his simultaneous appointment to the board of directors. As CEO, he succeeds Armani, who was also chairman of the group he founded five decades ago.
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, make Giuseppe the most natural choice to ensure continuity with the path outlined by the founder,” said Leo Dell’Orco, chairman of the board.
Unanimously proposed by the Armani Foundation, Marsocci, who was born in Turin on Dec. 20, 1963. will report to the board of directors chaired by Dell’Orco, with Silvana Armani, who will be appointed as vice president.
Marsocci has more than 35 years of international experience in the fashion and luxury sector, 23 of which have been within the Armani Group. Since 2019 he has held the role of deputy managing director and global chief commercial officer.
Marsocci first worked in sales, marketing, and brand management at the GFT Group in Turin, a licensee of Valentino, Dior, Ungaro, Stone Island, and Armani itself. Other significant experiences include five years at Fila Sport (HDP Group) as head of international business development, before joining the Armani Group in 2003, taking on roles of increasing responsibility both at the Milan headquarters and in foreign branches. These included commercial director of Armani Collezioni, CEO of the Swiss branch (formerly the logistics/customer service base for all foreign markets), global director of diffusion/wholesale lines, and for over 10 years in the New York office, first as president of Trimil US, a Zegna/Armani joint venture, up to the role of CEO of the Americas from 2014 to 2019.
“I thank the foundation, the board of directors, and the Armani family for the trust placed in me,” stated Marsocci. “This is a project of extraordinary importance, of continuity and enhancement of one of the most prestigious Made in Italy brands in the world, which has elevated itself for clients and the market from a simple brand to a true lifestyle brand.”
He admitted “the goal is challenging, especially in a luxury market undergoing deep reflection, but it is achievable thanks to the fundamental contribution of an excellent team of clients, suppliers, partners, and passionate collaborators worldwide and especially in Milan, many of whom have been close to Mr. Armani for many years. Together, we will do everything to perpetuate his 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.”
Giorgio Armani
WWD
In a statement, the company said that, in the coming weeks, the board will “take its final form upon completion of the procedures and execution of the will, but it was decided to proceed now, anticipating the appointment of the CEO, to start the new phase without interruption in the company’s management.”
It concluded saying that “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, respecting the founding principles and the directions of continuity outlined by the founder himself.”
The designer, who died on Sept. 4 at 91, left in his will that his namesake foundation would manage the fashion group. As reported, after 12 months from the opening of the will and within 18 months at the most, an initial 15 percent of the his namesake company could be sold to either LVMH Moët Hennessy Louis Vuitton Group, EssilorLuxottica or L’Oréal.
Between the third and fifth years, the foundation and the heirs could choose to sell a stake of between 30 and 54.9 percent to the same buyer of the first group of shares, or in five years and within eight, to consider a public listing in Italy as a priority but also on other markets of equal standing. Even following the potential listing, the foundation would keep a 30.1 percent stake in the group to ensure its control.
Pantaleo Dell’Orco, known as Leo, Armani’s longtime partner in charge of the men’s division, has a key role with 40 percent of voting shares.
As for the governance of the foundation, Armani’s nephew Andrea Camerana has a seat on the board succeeding the designer, with Dell’Orco and Irving Bellotti, partner of Rothschild & Co. Notary Elena Terrenghi, whose studio opened the will, is now also on the board. Armani’s nieces Roberta and Silvana Armani were also indicated as part of the Surveillance Committee to operate along Armani’s guidelines.
