MILAN (Reuters) – Giorgio Armani has appointed deputy chief executive Giuseppe Marsocci as chief executive officer with immediate effect, the Italian fashion house said on Thursday.

Giuseppe Marsocci, who has worked for the company for 23 years, takes over the position previously held by founder Giorgio Armani, who died in September.

During his lifetime, Giorgio Armani maintained tight control over the fashion empire he created 50 years ago. His death opened a new stage for the group which is preparing for a new structure.

Giuseppe Marsocci will thus oversee the planned sale of a 15% stake in Giorgio Armani, with priority given to luxury conglomerate LVMH, beauty heavyweight L’Oréal, eyewear leader EssilorLuxottica or another group “of the same level”, as provided for in Giorgio Armani’s will.

“His international professional experience, his in-depth knowledge of the sector and the company, his discretion, loyalty and team spirit, as well as his closeness to Giorgio Armani in recent years, make Giuseppe the most natural choice to ensure the continuity of the path traced by the founder,” said Pantaleo Dell’Orco, men’s design director who took over as president of the company.

Pantaleo Dell’Orco was also recently named president of the Giorgio Armani Foundation, which controls 30% of the voting rights of his business empire. He already controls 40% of the luxury group’s voting rights.

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

Silvana, Giorgio Armani’s niece and head of the women’s line, will be named vice-president, according to the press release.

(Written by Elisa Anzolin, Mara Vîlcu for the , edited by Blandine Hénault)

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