Francesco Risso will become creative director of the label.
The designer had most recently been freelancing after running his own label and working at Cerruti and Jack Wills.
Improvements are expected starting in 2017, according to Fondazione Altagamma.
The company will move closer to reaching its goal of raising $1 million.
The former chairman and ceo of Hugo Boss Americas has been brought on board as global men’s wear president for the rapidly growing Kors brand.