Armani Completes Founder's Succession and Establishes New Board

Giorgio Armani S.p.A. has officially announced the successful completion of the probate procedures following the passing of its esteemed namesake founder, Giorgio Armani, who died on September 4 in Milan. Concurrent with this finalization, the company has established a new, fully operational Board of Directors, comprising eight members, designed to guide the luxury fashion house into its next chapter.

The company noted that the succession process, including all related procedures, was executed smoothly and precisely according to the predefined timetable. This seamless transition was facilitated by the explicit provisions set forth by the founder himself regarding the constitution and operation of the new Board of Directors. The board's composition reflects a strategic blend of experience and representation, having been carefully chosen by both the Giorgio Armani Foundation and the heirs.

The new Board of Directors is structured with three representatives from the Armani family, ensuring the preservation of the brand’s core heritage. Additionally, four non-executive directors bring a wealth of expertise from the fashion and finance sectors, providing external perspective and strategic insight. The eighth member is the CEO and general manager, who serves as the sole employee on the Board and is entrusted with the company's daily operational management and strategic execution.

Alongside the formal establishment of the new Board, key leadership appointments have been confirmed. Pantaleo Dell'Orco has been named Chairman, while Giuseppe Marsocci assumes the crucial role of CEO and general manager. The complete roster of the newly constituted Board of Giorgio Armani S.p.A. includes Pantaleo Dell'Orco (chairman), Silvana Armani (director), Andrea Camerana (director), Giuseppe Marsocci (CEO and general manager), Marco Bizzarri (director), John Hooks (director), Federico Marchetti (director), and Angelo Moratti (director).

The Board is mandated to operate strictly in accordance with the foundational principles established by the Piacenza-born designer. These principles are meticulously safeguarded by the Giorgio Armani Foundation, an integral entity in the brand's governance structure. A critical stipulation ensures that the Foundation's stake in the company's share capital will consistently remain above 30%, irrespective of any future developments, such as the potential entry of new shareholders or a public stock market listing.

The Giorgio Armani Foundation itself is led by Pantaleo Dell'Orco as chairman, with Andrea Camerana, Irving Belotti, Elena Terrenghi, and Andrea Silvestri serving as directors. This dual structure underscores a robust framework designed to uphold Mr. Armani's vision and ensure the long-term integrity of the brand.

Commenting on the new formation, Pantaleo Dell'Orco stated, "The new Board of Directors of Giorgio Armani S.p.A. is composed of family members and the CEO, all long-standing collaborators of Mr Armani, supported by independent professionals of recognised competence and experience. This represents the best guarantee for the continuation, enhancement, and modernisation of the idea of beauty, the business model, and the ethical values developed by Mr Armani over 50 years of history, allowing us to face the market's challenges and opportunities in the best possible way."