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 both chief executive of Valentino Fashion Group and ceo of 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 is also chief executive of Valentino FG, the 1.73 billion euro ($2.29 billion) company that owns Valentino SpA, a majority stake in Hugo Boss AG, menswear 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. Meanwhile, Matteo Marzotto will retain his newly acquired role as chairman of Valentino SpA.
For complete coverage see tomorrow’s issue of WWD.