FLORENCE, Italy (Reuters) -Italian luxury group Armani said on Friday it had appointed a new eight-member board, keeping three seats for representatives of the family and bringing in veteran industry
Armani Appoints New Board to Navigate Succession Plan
FLORENCE, Italy (Reuters) -Italian luxury group Armani said on Friday it had appointed a new eight-member board, keeping three seats for representatives of the family and bringing in veteran industry executives Marco Bizzarri and John Hooks, and Milanese businessman Angelo Moratti.
The enlarged board will steer the fashion house as its owners prepare to sell a 15% stake following the death of founder Giorgio Armani in September, at a time when the broader luxury industry faces strong headwinds.
The previous, seven-strong board included more family members: Armani's sister Rosanna, nieces Silvana and Roberta, and nephew Andrea Camerana along with Armani's long-time partner Pantaleo Dell'Orco.
The current board is chaired, as the previous one, by Dell'Orco. The other two seats for family members are occupied by Silvana Armani and Andrea Camerana.
Armani confirmed Federico Marchetti, founder of e-retailer Yoox, in the role of director.
Another seat is occupied by Armani's former deputy managing director Giuseppe Marsocci who joined the board last month when he was named chief executive of the group.
Armani's will instructed heirs to gradually sell the fashion house he created 50 years ago or seek a market listing, starting with a 15% stake within 18 months. It gives priority to luxury conglomerate LVMH, beauty group L’Oreal, eyewear maker EssilorLuxottica or another group of "equal standing."
The group reiterated that the Giorgio Armani Foundation will retain a stake of no less than 30% in the company's capital, regardless of potential future developments such as the arrival of new shareholders or a public listing.
(Reporting by Elisa AnzolinEditing by Keith Weir)
