Valentino Fashion Group names new CEO
MILAN, Italy --Valentino Fashion Group SpA, home of the Hugo Boss brand, Thursday said it has appointed Stefano Sassi as the new chief executive of the luxury goods maker, ending a five-month search after his predecessor left to join a rival.
Sassi joins the company controlled by the Marzotto family from the family's other main investment, textiles maker Marzotto SpA, where he was also CEO.
He replaces Michele Norsa, who left Valentino in the summer to take up the CEO post at Salvatore Ferragamo SpA.
In a statement, Milan-based Valentino Fashion said Sassi "has significant managerial experience in the fashion business and in strategic consulting."
The appointment of Sassi, a Marzotto veteran who was only named CEO of the textiles company in May this year, comes amid a swirl of industry speculation about the future of Valentino Fashion Group.
With the luxury sector currently riding high, the Valentino label restored to profitability under Norsa's tenure and Hugo Boss performing well, Valentino Fashion Group has been identified by investors as an appetizing candidate for a takeover and its share price has risen 43 percent since the start of this year.
Earlier this year, French retailer PPR SA, the home of luxury house
While Matteo Marzotto, a prominent member of the family who was appointed head of the Valentino label in the wake of Norsa's departure, has said there has been no contact with PPR, investors have speculated that dispersed members of the Marzotto family may not be in accord with the official line and might be prepared to consider a sale.
While Valentino constitutes a substantial chunk of the family's finances, the business was acquired relatively recently, unlike many family-owned luxury companies which have been built up through generations of family control.
The Marzottos acquired control of Hugo Boss in 1991, while the Valentino label was aquired as recently as 2002.
