On October 16, Italian luxury house Giorgio Armani Group announced the appointment of Giuseppe Marsocci as its new chief executive officer. The appointment is effective immediately and includes his addition to the company’s board of directors.
The decision, made unanimously by the Armani Foundation, follows the passing of founder Giorgio Armani on September 4 at the age of 91 and aims to ensure continuity with the management model and vision established by the late designer.
Internal Promotion Reflecting the Founder’s Philosophy
Born in Turin in 1963, Marsocci brings over 35 years of experience in the fashion and luxury sector, 23 of which have been within the Armani Group. Over the years, he has held key positions in both Milan and international offices. From 2014 to 2019, he served as CEO of the Americas, based in New York, overseeing operations in North and South America. Since then, he has acted as deputy CEO and global chief commercial officer, supporting Giorgio Armani directly in the global management of the company.
Leo Dell’Orco, chairman of the board, stated: “His 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 of the path outlined by the founder.”
The Armani Foundation also confirmed that Silvana Armani, the founder’s niece, will be appointed vice chairwoman of the board. The company noted that while the board’s final structure will be completed after the execution of testamentary procedures, the appointment of the new CEO was advanced to ensure uninterrupted management continuity.
“Carrying the Legacy of Made in Italy into the Next Generation”
In his first official statement, Marsocci expressed gratitude and a sense of purpose: “I thank the Foundation, the board of directors and the Armani family for the trust they have placed in me. It is a project of extraordinary importance, ensuring continuity and enhancing one of the most prestigious Made in Italy brands in the world. The brand has elevated itself beyond a simple trademark for customers and the market, rightfully acquiring the value of a lifestyle brand.”
Addressing the current challenges in the global luxury market, he added, “The objective is challenging, especially in a luxury market that is deeply reflecting on itself. It is achievable, however, thanks to the fundamental contribution of an excellent team of clients, suppliers, partners and passionate collaborators worldwide, particularly in Milan. Many of them have been close to Mr Armani for many years. Together, we will do everything to perpetuate his business model and his idea of beauty. We will carry it forward with consistency and sensitivity, taking into account the values and expectations of a changing world.”
A Succession Plan Designed by the Founder Himself
The appointment aligns with Giorgio Armani’s succession plan, which he personally designed prior to his passing. According to his will, the Giorgio Armani Foundation will manage the group, safeguarding the brand’s independence and ensuring adherence to its founding values.
Pantaleo “Leo” Dell’Orco, who has long overseen Armani’s men’s division, will serve as chairman of the foundation and hold 40 percent of the voting rights, playing a central role in the transition.
Other members of the foundation’s board include Armani’s nephew Andrea Camerana, Irving Bellotti of Rothschild & Co., and Elena Terrenghi, the notary who opened the will. Armani’s nieces, Roberta Armani and Silvana Armani, will serve on the supervisory committee responsible for upholding the founder’s vision.
A Sustainable Brand Strategy Led by the Foundation
Armani’s will also outline a long-term capital strategy for the group. Within 12 months from the will’s opening (and no later than 18), the foundation may sell an initial 15 percent stake to LVMH Moët Hennessy Louis Vuitton, EssilorLuxottica, or L’Oréal.
Between the third and fifth years, the foundation may expand its stake to between 30 and 54.9 percent, or consider an IPO, prioritizing the Italian market within a five- to eight-year period. Even in the case of a public listing, the foundation will retain 30.1 percent of the company to ensure continued control and adherence to its core principles.
Copyright © 2025 Oui Speak Fashion. All rights reserved.