Giorgio Armani SpA is close to announcing a revamped board of directors as the company continues its restructuring following the death of legendary designer Giorgio Armani. According to sources familiar with the situation, the presentation of the new board could take place as early as Friday, Bloomberg reports, writes UNN.
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Anonymous Bloomberg sources, who asked not to be named due to the private nature of the process, note that the company is working to ensure the continuity of brand management. A representative for Armani declined to comment on the upcoming appointments.
After the designer's death in September at the age of 91, his heirs, led by partner and company chairman Leo Dell'Orco, sought to maintain continuity in leadership. Last month, Giuseppe Marsocchi, a brand veteran with 23 years of experience, was appointed CEO.
The current board of directors includes Dell'Orco, Marsocchi, 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, nephew Andrea Nicola Camerana, and niece Roberta Armani. Such data is contained in fresh documents filed with the Milan Chamber of Commerce.
Luxury market analysts are particularly watching who will receive the initial 15% of the company's shares – this was the founder's will. His will mentions three industry giants among the priority potential buyers: L'Oreal SA, which has a license for Armani products until 2050; eyewear manufacturer EssilorLuxottica SA; and the luxury brand group LVMH Moët Hennessy Louis Vuitton SE.