Giorgio Armani SpA is preparing to appoint a new board of directors as it revamps its management team following the death of Giorgio Armani.
The new board could be unveiled as early as Friday, November 28, according to sources familiar with the matter.
Since the founder’s death in September at 91, his heirs have been seeking to ensure stability in management. Armani’s partner and chairman, Leo Dell’Orco, is playing a key role in this process. In October, the group appointed a new CEO, Giuseppe Marsocci, who has been with the company for 23 years.
The board currently includes Dell’Orco, Marsocci, and vice president Silvana Armani, who heads women’s design. Other members of the family-oriented board include Yoox founder Federico Marchetti, Giorgio Armani’s sister Rosanna Armani, Andrea’s nephew Nicola Camerana, and Roberta Armani’s niece, according to fresh filings with the Milan Chamber of Commerce.
Luxury watchers are awaiting a decision on the sale of the initial 15% stake, which Giorgio Armani’s will states will go to one of the predetermined buyers.
They will name three industry giants as priority potential buyers: L’Oreal SA, which has a license for Armani products until 2050; eyewear maker EssilorLuxottica SA; and luxury brand group LVMH Moët Hennessy Louis Vuitton SE.
