Giorgio Armani Appoints Giuseppe Marsocci as CEO Following Designer’s Passing

Giorgio Armani is embarking on a new phase. The Italian group has appointed Giuseppe Marsocci as new CEO, replacingthe founder and designer who died on September 4th at the age of 91. The decision, taken unanimously by the Armani Foundation, seeks to ensure the continuity of the company and the management model defined by the creator himself.

Marsocci, born in Turin in 1963, immediately takes up his position and joins the company’s board of directors. “His international experience, in-depth knowledge of the sector and of the group, discretion and loyalty, together with his closeness to Mr. Armani in recent years, make him the best choice.Leo Dell’Orco, chairman of the board, said in a statement: “His international experience, in-depth knowledge of the sector and the group, discretion and loyalty, together with his closeness to Mr. Armani in recent years, make him the most natural choice to ensure the continuity of the path traced out by the founder”.

The executive has more than 35 years of experience in fashion and luxury, 23 of them within the Armani group, where since 2019 he served as deputy CEO and global commercial director. The Foundation has also confirmed that Silvana Armani, the designer’s niece, will be appointed vice chairman of the board.

Before joining Armani in 2003, Marsocci worked at the Turin-based GFT Group, licensee of luxury brands such as Valentino, Dior and Ungaro, and later at Fila Sport (HDP Group) as head of international development. In the company founded by Giorgio Armani, he has held multiple positions of responsibility in Italy and abroad, from commercial director of Armani Collezioni to CEO of the Swiss subsidiary. For a decade, the executive was also head of the New York office.

Giorgio Armani has opted for an internal career manager for the position of CEO

Between 2014 and 2019, he was CEO of the Americas, overseeing the business in the United States and Latin America. Since then, he has played a key role in consolidating the group and expanding its global brand model.

In his first statement following his appointment, Marsocci defined his mission as “a project of extraordinary importance, continuity and enhancement of one of the most prestigious Made in Italy brands”. The executive acknowledged that the objective is “demanding, in a luxury market in full transformation”.

The group has specified that the board of directors will take its final form in the coming weeks, once the provisions of the will have been completed. The priority, according to the statement, has been to ensure a seamless transition in management.

Marsocci’s appointment is part of the succession process designed by Giorgio Armani during his lifetime. In his will, the designer established that the foundation that bears his name will manage the group, with a commitment to maintain its majority control and founding values.

Pantaleo Dell’Orco will lead the transition as president of the Foundation

According to the creator’s will, after twelve months from the opening of the will and within a maximum of eighteen, the Foundation could sell an initial 15% stake in the group to LVMH, EssilorLuxottica or L’Oréal. Between the third and fifth year, the percentage could be expanded to between 30% and 54.9%, or contemplate an IPO in Italy (or other equivalent markets) between the fifth and eighth year. Even in that scenario, the Foundation would retain at least 30.1% of the company to ensure its control.

Pantaleo Dell’Orco, Armani’s historical partner and head of the men’s division, maintains a key role with 40% of the voting rights. The foundation structure also includes Andrea Camerana, the designer’s nephew, and advisors Irving Bellotti (Rothschild & Co.) and notary Elena Terrenghi, in charge of opening the will. Roberta and Silvana Armani are members of the supervisory committee that will ensure compliance with the founder’s directives.