The name of the new CEO of Giorgio Armani has been revealed

The chief commercial director of the Italian fashion house Giorgio Armani, Giuseppe Marsocci, has been appointed as the company's new CEO. This was reported by Reuters agency.

The decision on his appointment was unanimously approved by the Giorgio Armani Foundation. Marsocci is expected to oversee the process of the future sale of 15% of the fashion house's shares.

61-year-old Giuseppe Marsocci has been working at Giorgio Armani for 23 years, holding the position of deputy managing director.

Giorgio Armani passed away on September 4 at the age of 91. According to La Repubblica, in his will, the designer specified that 15% of Giorgio Armani S.p.A. shares should be sold within 18 months after his death, and another 30% to 54.9% - within the next three to five years to the same buyer.

Armani considered leading global corporations in the luxury goods sector as priority buyers - L'Oreal, LVMH and EssilorLuxottica.

Additionally, the fashion designer provided for the possibility of an initial public offering (IPO) - both on the Italian and other major stock markets.