The Giorgio Armani foundation, established in 2016 and a key pillar of the Italian designer's succession, will propose the name of the group's new CEO, Armani's executive committee announced on Friday.

"The Fondazione ... shall never hold less than 30% of the capital, thereby acting as a permanent guarantor of compliance with the founding principles," the committee said in a statement.

The committee, established to oversee the succession after Armani's death, includes the designer's business and life partner Pantaleo Dell'Orco, members of the Armani family and senior managers.

"We affirm ... our commitment to supporting this path in full respect of his wishes, united by the shared goal of securing the best possible future for the company and the brand," the committee added in the stat

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