Introduction to Armani’s New Board
Italian fashion group Armani has announced the formation of a new board tasked with guiding the company through a crucial transition period following the death of its founder Giorgio Armani earlier this year.
The New Board Members
The eight-member board, selected by the Armani Foundation and the designer’s heirs, includes high-profile figures such as former Armani top manager John Hooks and Marco Bizzarri, the former CEO of Gucci. Other appointments include 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.
Leadership and Transition
This strategic move comes after the death of Giorgio Armani at the age of 91 in September, which saw long-time manager Marsocci appointed as the new CEO. The new board and Marsocci now lead one of Italy’s most valuable and prestigious fashion empires at a critical time. The late designer had instructed his heirs to sell an initial 15 percent minority stake in his huge company within 18 months of his death, with eyewear giant Essilor-Luxottica, French conglomerate LVMH, and cosmetics company L’Oreal identified as preferred buyers.
Statement from the Chairman
Regarding the appointments, Dell’Orco said that the composition of the board "represents the best guarantee for the continuation, improvement, and modernization of the beauty ideal, the business model, and the ethical values that Mr. Armani has developed in 50 years of history."
Giorgio Armani’s Legacy
At the time of his death, Armani’s fortune was estimated at $12.1 billion. He remained sole shareholder and managing director of the house he founded in 1975 and ran an empire that ranged from Emporio and Armani Exchange to haute couture, hotels, restaurants, cosmetics, and household goods. His health deteriorated, and he was forced to withdraw from Milan Men’s Fashion Week in June – the first time in his career that he missed a show in the city where his career began.
Career Highlights
During his illustrious career, Armani designed outfits for the likes of Richard Gere, Beyoncé, Julia Roberts, Demi Moore, and Grace Jones. The fashion house said in a statement, “It is with infinite sadness that the Armani Group announces the death of its creator, founder, and tireless driving force: Giorgio Armani.”
