Portugal Colonial - Armani names executive close to designer as new CEO

Giuseppe Marsocci, 61, joined the group in 2003 and spent over a decade in the New York office. For the past six years he had been reporting directly to Armani as deputy general manager and global chief commercial officer of the group.

Leo Dell'Orco, Armani's long-time partner, is chairman of the board of directors and Silvana Armani, the designer's niece, will be vice-president.

"In the coming weeks, the board of directors of Giorgio Armani will take its final form upon completion of the procedures and execution of the will," the group said in a statement.

Armani, who died in September aged 91, kept a tight control of the empire he built up over five decades, which spanned hotels to haute couture.

After defending his independence throughout his life, however, he entrusted his heirs in his will with the task of selling his group.

Marsocci's appointment was intended to "start the new phase without interruption in the company's management", the group said.

"The appointment is an important confirmation of the united will of the Armani family to continue the project that Giorgio Armani has built and sustained for 50 years," it added.

Dell'Orco said that Marsocci's experience, discretion and loyalty "together with his closeness to Mr. Armani in recent years, make Giuseppe the most natural choice" to lead the group.

In the same statement, Marsocci said: "This is a project of extraordinary importance, of continuity and enhancement of one of the most prestigious Made in Italy brands in the world."

He admitted "the goal is challenging, especially in a luxury market undergoing deep reflection".

G.M.Castelo--PC