Armani to Name New Board as Founder’s Heirs Reset Group

Giorgio Armani SpA is preparing to name a new board as the Italian fashion group rebuilds its leadership team following the death of its founder, according to people familiar with the matter.

A renewed Armani board could be unveiled as soon as Friday, the people said, asking not to be named because the matter is private.

A representative for Armani declined to comment on the company’s plans.

Giorgio Armani’s heirs, led by his partner and company Chairman Leo Dell’Orco, have sought to maintain continuity as they take over from the fashion designer following his death in September at age 91. Giuseppe Marsocci, a 23-year company veteran, was named chief executive officer last month.

Dell’Orco, Marsocci and vice president Silvana Armani, who heads women’s design, are currently members of the company’s board. Others members of the family-dominated board include Yoox founder Federico Marchetti, Giorgio’s sister Rosanna Armani, nephew Andrea Nicola Camerana and niece Roberta Armani, according to recent filings at Milan’s Chamber of Commerce.

Luxury observers are watching for a decision on who will buy an initial 15 percent stake in Armani, as directed in the founder’s will.

L’Oreal SA, which has a license with Armani to market its fragrance, makeup and skincare products until 2050, was named as a one of three preferred buyers in the document, along with eyewear partner EssilorLuxottica SA and luxury group LVMH Moët Hennessy Louis Vuitton SE.

By Angelina Rascouet and Flavia Rotondi

Learn more:

Armani Names Deputy Managing Director and Long-time Giorgio Armani Ally as CEO

Giuseppe Marsocci, who has been with Armani for 23 years, takes over as the company searches for a buyer.