Giorgio Armani group names long-time executive Marsocci as CEO

New leadership team will include Silvana Armani as vice-president

Giorgio Armani has appointed deputy managing director Giuseppe Marsocci as chief executive with immediate effect, the Italian fashion house said on Thursday, confirming media reports.

Marsocci, who has been at the company for 23 years, most recently as Global Chief Commercial Officer for the last six years, stepsinto the role previously held by founder Giorgio Armani, who died in September.

Armani kept a tight grip on the fashion empire he set up 50 years ago, but a new structure is emerging for its next phase.

Marsocci will oversee the planned saleof a 15 percent stake, with priority to be given to luxury conglomerate, beauty heavyweight L'Oreal, eyewear leader EssilorLuxottica or another group of "equal standing", as outlined in Armani’s will.

"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", said Armani's partner and head of men's design Pantaleo Dell'Orco, who has taken on the role of company's chairman.

Dell'Orco has also recently been appointed to chair the Giorgio Armani Foundation which controls 30 percent of the voting rights of his business empire. Dell'Orco already controls 40 percent of the luxury group's voting rights.

The appointment of Marsocci, 61, was unanimously proposed by the Giorgio Armani Foundation, the luxury group said.

Giorgio Armani's niece Silvana, head of women's style, will be appointed as Vice President, according to the statement.