Armani Group announced Giuseppe Marsocci as CEO, effective immediately following the death of Giorgio Armani , He will also join the board of directors.
Marsocci has been at Armani for 23 years. Since 2019, he has reported directly to Armani concerning the global management of the business in his role as deputy managing director and global chief commercial officer. Before this, Marsocci was CEO of Giorgio Armani America for five years.
Reacting to his appointment, he said “I thank the [Armani] Foundation, the board of directors and the Armani family for the trust placed in me
“This is a project of extraordinary importance, of continuity and enhancement of one of the most prestigious ‘Made in Italy’ brands in the world, which has elevated itself for clients and the market from a simple brand to a true lifestyle brand.” He concluded in a statement
Marsocci was unanimously proposed by the Armani Foundation, according to the release. He will report to the board of directors, chaired by Leo Dell’Orco, with Silvana Armani, who worked alongside Armani to design the women’s collections and will be appointed as vice president of the company.
On Marsocci’s appointment, Dell’Orco said in a statement: “His international professional experience, deep knowledge of the sector and the company, discretion, loyalty and team spirit, together with his closeness to Mr Armani in recent years, make Giuseppe the most natural choice to ensure continuity with the path outlined by the founder.”
What Next
In the coming weeks, the board will complete the procedures and execution of the will, according to the company. Marsocci’s appointment as CEO is a step towards establishing the company’s next phase, in accordance with the wishes outlined in Armani’s will.
In the role, Marsocci will be responsible for overseeing the sale of a 15 per cent stake in the business in the next 18 months, as dictated by the founder. Armani’s wishes to sell a stake came as a surprise to those who long revered the founder’s commitment to independence, and executives promised to carry out the request for either a stock market listing or the opening to a minority partner “always within the principles and rules defined by Mr Armani”.
“The goal is challenging, especially in a luxury market undergoing deep reflection, but it is achievable thanks to the fundamental contribution of an excellent team of clients, suppliers, partners and passionate collaborators worldwide and especially in Milan, many of whom have been close to Mr Armani for many years,” Marsocci said.
“Together, we will do everything to perpetuate his business model and his idea of beauty, and we will carry it forward with consistency and sensitivity, taking into account the values and expectations of a changing world.” He concluded.
