Italian fashion powerhouse Armani has announced the formation of a new board, tasked with steering the company through a pivotal period of transition following the death of its founder, Giorgio Armani, earlier this year.
The eight-member board, selected by the Armani Foundation and the designer’s heirs, includes high-profile figures such as former Armani top executive John Hooks and Marco Bizzarri, the former CEO of Gucci.
Other appointees are Chairman Leo Dell’Orco, CEO and managing director Giuseppe Marsocci, Armani’s niece Silvana and nephew Andrea Camerana, Yoox founder Federico Marchetti, and businessman Angelo Moratti.
This strategic move comes after Giorgio Armani’s passing at the age of 91 in September, which saw long-time manager Marsocci appointed as the new chief executive. The new board and Marsocci now lead one of Italy’s most valuable and renowned fashion empires at a critical juncture.
The late designer had instructed his heirs to sell an initial 15 per cent minority stake in his vast business within 18 months of his death, with eyewear giant Essilor-Luxottica, French conglomerate LVMH, or cosmetics company L’Oreal identified as preferred buyers.
Commenting on the appointments, Dell’Orco stated on Friday that the board’s composition “represents the best guarantee for the continuation, enhancement, and modernisation of the idea of beauty, the business model, and the ethical values developed by Mr. Armani over 50 years of history.”
At the time of his death, Armani’s fortune was estimated at $12.1bn (£9bn). He remained sole shareholder and chief executive of the house he created in 1975, presiding over an empire that stretched from Emporio and Armani Exchange to haute couture, hotels, restaurants, cosmetics and homeware.
He had been in declining health and was forced to withdraw from Milan Men’s Fashion Week in June – the first time in his career he had missed a show in the city where his career began.
“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.
During his illustrious career, Armani designed outfits for the likes of Richard Gere, Beyonce, Julia Roberts, Demi Moore and Grace Jones.