He was chosen as Giorgio Armani's successor at the head of the legendary fashion house he founded
Giorgio Armani at a fashion show organized by his house on January 28, 2025, PHOTO: Julien De Rosa / AFP / Profimedia Images
The legendary Giorgio Armani will be succeeded at the head of the Italian fashion house by the deputy general director of the Armani Group, Giuseppe Marsocci, a source told Reuters on Thursday, confirming the information that appeared in the Italian press.
The appointment is to be officially approved by a meeting of the Board of Directors that will take place later on Thursday.
Marsocci, a low-key character, also serves as global commercial director of the Armani Group, according to his LinkedIn page. It notes that he has “over 35 years of experience in the fashion and luxury industry – executive management – international business development.”
Marsocci, who has been with the Armani Group since 2003, will take over the role Giorgio Armani has held since the company was founded in 1975 – alongside his former partner Sergio Galeotti.
As CEO, Marsocci will be tasked with leading the group through a period of major change, including the sale of a 15% stake in the company, which is then set to grow.
In early October, Reuters reported that representatives of Giorgio Armani's heirs had contacted potential buyers for a minority stake in the famous Italian fashion group, triggering a de facto auction for part of one of the world's best-known fashion empires, just weeks after its creator's death.
Giorgio Armani has left instructions for the sale of his fashion house
In his will, the late Italian designer Giorgio Armani asked his heirs to sell an initial 15% stake in the fashion house within 18 months of his death, and then transfer an additional stake of 30% to 55% to the same buyer. An alternative possibility provided for in the will is for the heirs to list the company on the stock exchange.
The will stipulates that priority should be given to luxury conglomerate LVMH, cosmetics giant L'Oréal and glasses maker EssilorLuxottica, with which the Italian fashion house already has a commercial partnership.
Participation could also be offered to another group of “similar level”, identified by the foundation created by the designer to preserve his legacy. Such a move, however, would need the approval of Giorgio Armani's business partner, Pantaleo Dell'Orco, his “right-hand man” for years.
All three aforementioned companies have issued statements suggesting they are open to the possibility of a deal.
How much is the business founded by Armani valued at?
Giorgio Armani was the sole major shareholder of the company he founded 50 years ago and over which he maintained tight control, both creatively and managerially.
The process of the potential sale is being closely watched, as the brand remains one of the most iconic in the fashion industry and could be valued between 5 billion and 12 billion euros, according to analysts' estimates.
Provisions in the will are essentially binding and could be challenged in court if not followed, according to the Italian Notary Association.
Giorgio Armani left no children behind to inherit the business, but he has several close relatives who worked alongside him and were named beneficiaries in his will, along with Pantaleo Dell'Orco, his “right-hand man” for years.
Dell'Orco was this week appointed chairman of the Armani Foundation, which plays a central role in the fashion designer's plans in his will.
