The Armani fashion house said on Thursday it has appointed luxury veteran and longtime manager Giuseppe Marsocci as its new chief executive officer, following the death of its founder last month at 91.

Marsocci, 61, who has been with the Armani group in top roles for 23 years, both in Italy and abroad, takes the lead at a crucial time for the fashion empire, one of the most valuable and best-known companies in the country.

The late Giorgio Armani instructed his heirs to sell an initial 15% minority stake in his vast fashion business not before one year and within 18 months of his death, with preference given to the French conglomerate LVMH, the eyewear giant Essilor-Luxottica or the cosmetics company L’Oreal.

Armani gave control of 40% of his business empire to his longtime collaborator

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