Italian luxury group Giorgio Armani S.p.A. has appointed a new board to steer the company through a sensitive transition following the death of its founder, Giorgio Armani, at age 91 in September 2025. The announcement marks the first major governance step since his passing and activates succession mechanisms that the designer put in place years earlier to protect the independence of the house he founded in 1975.
The new governance body was selected jointly by the Giorgio Armani Foundation and the designer’s heirs, reflecting the central role the foundation plays as controlling shareholder. Its remit is to oversee strategy, manage any changes in ownership and safeguard the creative and ethical principles that have defined the brand for nearly 50 years. Armani today ranks among Italy’s most prominent fashion companies, with global operations and annual revenues of about €2.3 billion. (Wikipedia)
New Directors Blend Family And Industry Veterans
The company has created an eight-member board that combines family representatives, long-time insiders and executives with deep experience in the global luxury sector. Former Armani senior executive John Hooks and former Gucci chief executive Marco Bizzarri join the board, bringing international retail and brand-building credentials from some of the industry’s best-known labels. At the same time, long-serving manager Giuseppe Marsocci moves onto the board in his capacity as CEO and managing director, a role he assumed shortly after Mr. Armani’s death.
Continuity is further ensured by the presence of Pantaleo (Leo) Dell’Orco, who remains chairman after decades in senior positions within the group. Family influence is represented by Mr. Armani’s niece Silvana Armani and nephew Andrea Camerana, both of whom have been active in the business and in the foundation that holds the controlling stake. Rounding out the line-up are Federico Marchetti, founder of online fashion pioneer Yoox, and Milan businessman Angelo Moratti, adding digital and investment expertise to the boardroom.
In a statement, Dell’Orco said the board’s composition offers “the best guarantee” that Mr. Armani’s idea of beauty, his business model and the values he championed will be maintained and modernized. The selection is intended to reassure employees, suppliers and retail partners that the group will continue to be managed according to the founder’s principles, even as its shareholder base is expected to broaden in the coming years.
Succession Plan And Stake Sale Framework
At the heart of the transition lies a detailed succession plan that sets out how outside investors may enter the capital. Under the terms of Giorgio Armani’s will, his heirs and the foundation are instructed to sell an initial 15% minority stake in the company within 18 months of his death. Preference is to be given to three major sector players: eyewear group EssilorLuxottica, French luxury conglomerate LVMH, and cosmetics and beauty giant L’Oréal.
The framework allows any chosen partner eventually to increase its holding to as much as 54.9% over several years, while the Giorgio Armani Foundation must retain at least 30% of the shares to preserve the label’s independence and long-term mission. Should no agreement be reached with a strategic buyer, the plan foresees the possibility of an initial public offering as an alternative way to diversify ownership. The newly appointed board will oversee preparations for any such transaction, from exploratory talks with potential investors to assessing how different ownership structures might affect governance and brand positioning.
Challenges And Opportunities For The Armani Brand
The reshaped governance comes at a challenging moment for the global luxury sector, which is contending with slower demand in key markets such as China and the United States, volatile tourist flows and increased scrutiny of environmental and labor practices. Armani, known for its relatively measured approach to expansion and licensing compared with larger conglomerates, must balance the founder’s preference for independence with the investment needs of a business competing on a worldwide scale.
The new board will be expected to reinforce the group’s international footprint while preserving the understated aesthetic that has made Armani one of Italy’s most recognizable fashion names. That means continuing to support core ready-to-wear lines such as Giorgio Armani and Emporio Armani, while also developing areas like beauty, home interiors and hospitality, which have become important growth engines for many high-end brands. As the succession plan is put into practice and a potential shareholder reshuffle moves forward, the company’s leadership will be closely watched for how it manages the balance between heritage, governance stability and future expansion.
