Giorgio Armani establishes new board of directors

Following last month’s news that Giuseppe Marsocci has been appointed as CEO and MD of the Giorgio Armani Group, in the wake of the death of legendary founder Giorgio Armani in September, the company has now established a new board of directors.

It comes after “the successful completion of the succession procedures for Mr. Armani”, and the new board of directors has now been officially established “in accordance with the founder's wishes”.

The board of directors comprises eight members, selected by the Giorgio Armani Foundation and the heirs, including three representatives from the Armani family – including Vice President Silvani Armani - four directors, experts in the fashion and finance sectors (without operational roles) and Marsocci, as well as Giorgio Armani Group Chairman, Pantaleo Dell’Orco.

The board of directors will operate in accordance with the ‘Founding Principles’ defined by Giorgio Armani, which are safeguarded by the Giorgio Armani Foundation, that, it is established will be always holding a stake of no less than 30% in the company's capital, regardless of potential future developments such as the entry of new shareholders or a public listing.

The members of the Giorgio Armani Foundation are Pantaleo Dell’Orco and directors Andrea Camerana, Irving Belotti, Elena Terrenghi and Andrea Silvestri.

Pantaleo Dell’Orco said: “The new board of directors of Giorgio Armani Spa includes family members and the CEO, all long-time collaborators of Mr. Armani, alongside independent professionals of recognised competence and experience.

“This provides the best assurance for continuing, enhancing and updating Mr. Armani's vision of beauty, business model, and ethical values built over 50 years, enabling us to effectively face market challenges and opportunities.”