Luxury fashion house Armani has appointed an entirely new board of directors to oversee the company after the death of founder Giorgio Armani earlier this year.
The new board consists of eight members selected by the Armani Foundation and the designer’s heirs, including former Armani executive John Hooks and Gucci CEO Marco Bizzarri.
The other board members are Chairman Leo Dell’Orco; CEO and managing director Giuseppe Marsocci; Armani’s niece Silvana and his nephew Andrea Camerana; Yoox founder Federico Marchetti and businessman Angelo Moratti.
Armani died in September at age 91. Since then, the privately held Italian company appointed long-time manager Marsocci as the new CEO.
Marsocci and the new board take control at a pivotal time for the Armani company, which is one of the most valuable and best-known luxury brands in the world.
Armani instructed his heirs to sell an initial 15% minority stake in the company within 18 months of his death.
Giorgio Armani said he wanted the minority stake to be sold to either eyewear giant Essilor-Luxottica (ESLOY), French conglomerate LVMH (LVMHF), or cosmetics giant L’Oreal (LRLCY).
In a written statement, the board of directors said they are committed to “the business model and the ethical values developed by Mr. Armani over 50 years of history.”
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