MILAN — Valentino Fashion Group SpA has tapped an inside man as its new chief executive officer.
Valentino’s board has named Stefano Sassi, most recently chief executive of textile group and sister company Marzotto SpA, as ceo of both Valentino Fashion Group and its subsidiary fashion house Valentino SpA. He effectively replaces Michele Norsa, although the two men’s titles are not identical. Norsa resigned in July and subsequently joined Salvatore Ferragamo Italia SpA as ceo.
Unlike Norsa, Sassi also will be head of Valentino FG, the 1.73 billion euro ($2.29 billion) company that owns Valentino SpA, a majority stake in Hugo Boss AG and men’s wear brand Lebole, and holds licensing deals for M Missoni and Marlboro Classics. Norsa was unhappy with his lower-ranking titles at Valentino, one of the reasons he decided to leave, according to a well-placed source.
Valentino FG chairman Antonio Favrin held the ceo title at the multibrand company until now. Favrin will retain his post as chairman. Matteo Marzotto will keep his new position as chairman of Valentino SpA.
“Having worked with Sassi for five years, I know about his personality and I know about the things he has done, which I think are fundamental for the success of a manager and the success of Valentino,” Favrin said at a press conference here, adding that Valentino FG was on track to post “excellent” results this year and in 2007.
In other news, the house of Valentino is busy preparing for a 45th anniversary show and celebration in Rome — not Paris, as originally planned. The date is not yet final, but it is likely to be in early July. The festivities have prompted rampant speculation that 74-year-old Valentino Garavani is preparing to retire.
On Thursday, Marzotto reiterated his statement that Garavani hasn’t given any indication he plans to step down. He said relations with the designer were “excellent” and that Valentino was always strengthening its design team.
“I have ideas in my head and I’ll communicate them when the time is right,” Marzotto said when pressed to articulate the most likely post-Garavani scenario for the brand.
There isn’t just speculation chez Valentino on the design front. There have been recurring rumors and press reports suggesting the company is on the block. Favrin addressed the issue at the press conference, but his cryptic language managed to raise even more questions about the future of the company.
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When asked whether the company was for sale, Favrin gave a lengthy response and said it was up to each shareholder to decide whether or not to sell his or her shares. Favrin said he plans to keep his 19.8 percent stake in the company and advised others to hold on to theirs since Valentino FG’s value is destined to rise.
The executive also said that even if he had some big operation up his sleeve, he wouldn’t be talking to the press about it.
Favrin said he had spent the past five months interviewing potential ceo candidates, but Sassi won him over. Favrin praised Sassi’s reorganization of Marzotto’s struggling textile business. He also emphasized the importance of Sassi’s fashion experience. Sassi was chief operating officer at Group Cerruti for five years before joining Marzotto.
Sassi was tight-lipped at the press conference about his plans for Valentino, explaining he wants to study the company and its employees before outlining strategic objectives.
“I don’t think someone can face a [new] challenge like this if you don’t already have a few ideas in your head, but outlining the way forward and strategies requires you to do very detailed analysis and research,” Sassi said.
Sassi is considered to be an intelligent and strategic executive with a strong understanding of the global market. One source likened him to Robert Polet, president and ceo of Gucci Group, who came from food giant Unilever. While Polet may not have joined Gucci with a luxury goods merchandising background, he has demonstrated an acumen for handling larger business issues.
On Thursday, Valentino FG also promoted its chief financial officer Luca Vianello to chief operating officer. Favrin said Vianello would be responsible for managing staff and overseeing the development of the M Missoni, Lebole and Marlboro Classics brands.