ROME (AP) — Italy’s fashion house Armani said on Friday that it has appointed a new board whose role will be to guide the company at a time of transition following the death of its 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 top executive John Hooks and former 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.
Following Armani’s death at 91 in September, the group appointed long-time manager Marsocci as the new CEO. Marsocci and the new board take the lead at a crucial time for the fashion empire, one of the most valuable and best-known companies in the country.
Armani instructed his heirs to sell an initial 15% minority stake in his vast fashion business within 18 months after his death, with preference given to the eyewear giant Essilor-Luxottica, the French conglomerate LVMH or the cosmetics company L’Oreal.
Dell’Orco said Friday the composition of the new board “represents the best guarantee for the continuation, enhancement, and modernization of the idea of beauty, the business model, and the ethical values developed by Mr. Armani over 50 years of history.”
