Giorgio Armani on Friday appointed three new board members as the post-Giorgio era continues to take shape ahead of a planned sale of a minority stake in the Italian fashion house.
The new board members include former Gucci chief executive Marco Bizzarri, Italian businessman Angelo Moratti and John Hooks, a former Armani executive. The company confirmed five current board members, including Leo Dell’Orco, the company chairman and Giorgio Armani’s closest collaborator.
Armani, who died at 91 in early September, surprised the fashion world by decreeing in his will that 15 percent of the company must be sold within 18 months to LVMH, L’Oréal, EssilorLuxottica or another luxury company of equal standing. The Armani company has long-term licensing agreements with L’Oréal in beauty and EssilorLuxottica for eyeglasses.
If no buyer is found, Armani is supposed to hold an initial public offering to sell off the stake, according to the will. Another stake of between 30 percent and 54.9 percent is to be sold to the buyer of the initial stake between three and five years after Armani’s death. Even if the buyer gains more than 50 percent, the Armani Foundation, which currently owns 100 percent of the company, will have the final say on some important decisions.
The new board and the impending stake sale come at a challenging time for the luxury industry, which is in the midst a two-year downturn that hasn’t spared Armani, which saw revenue and profit decline last year. While many analysts are forecasting a rebound for luxury in 2026, it is expected to be muted as the industry enters a new normal of slower growth.
Other board members confirmed include Giuseppe Marsocci, a long-time company veteran who became chief executive in October, and Silvana Armani, Giorgio’s niece, who is the head of women’s design. Also confirmed were Armani’s nephew Andrea Camerana and Federico Marchetti, founder of Yoox.
