Italian fashion house Giorgio Armani SpA has appointed long-time company executive Giuseppe Marsocci as its new chief executive officer following the death of founder Giorgio Armani, signaling continuity during a critical transition period.
Marsocci, who previously served as Armani’s chief commercial officer, will assume his new role immediately, the company said in a statement on Thursday.
The company said it will finalise board appointments in the coming weeks. Silvana Armani, niece of Giorgio Armani and head of women’s design, will be named vice president.
Leadership transition amid market challenges
The leadership change comes at a difficult moment for luxury brands globally.
High-end consumers have curbed spending on fashion, handbags, and watches, putting pressure on sales.
Armani reported a 5% decline in revenue last year, falling to €2.3 billion ($2.7 billion), driven in part by economic uncertainty and weaker demand in China.
Despite these challenges, the company is moving forward with succession plans outlined by Giorgio Armani prior to his death.
The founder instructed that Armani seek a strategic partner to acquire an initial 15% stake within 18 months, potentially increasing ownership to nearly 70% within five years. Alternatively, the company could pursue a public listing.
Giorgio Armani’s legacy
Giorgio Armani, the Italian designer credited with defining modern Italian style, died last month at the age of 91.
Armani’s passing marked the end of an era for the brand he founded and nurtured.
“With infinite sorrow, the Armani Group announces the passing of its creator, founder, and tireless driving force: Giorgio Armani,” the fashion house said in a statement.
Armani’s influence on fashion extended beyond creative design; he successfully combined artistic vision with business acumen to build a globally recognised luxury group.
Under his guidance, Armani achieved annual revenues of approximately €2.3 billion ($2.7 billion), cementing its status as a leader in luxury apparel and accessories.
Continuity and strategic outlook
The appointment of Marsocci reflects the company’s intent to maintain stability and continuity amid ongoing challenges in the global luxury market.
As the brand explores strategic partnerships or a potential public listing, leadership under a company veteran is likely to reassure investors, partners, and consumers alike.
Analysts note that Armani’s succession plan and partial stake sale could provide capital for growth initiatives, while preserving the brand’s heritage and creative direction established by its founder.
The coming months will be closely watched for developments in ownership and the broader strategic direction of the house.
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