Italian luxury men’s wear label, Corneliani SpA has got a new Chief Executive Officer in Luigi Ferrando, reports WWD. Ferrando replaces current CEO Paolo Roviera, who has left the business.

The report quoted a statement from the company saying: “it confirms the development goals of the Corneliani brand, in line with the strategies outlined in 2016.” In June 2016, Baharain-based Investcorp had acquired a majority 51 percent stake in Corneliani.

Ferrando joins Corneliani, from a different industry sector but with vast experience as CEO and chief restructuring officer for several Italian companies such as Welfare Company, Valota, Vitaldent and Unopiù.

After acquiring majority stake in the label, Investcorp’s Hazem Ben-Gacem took over as the Chairman from Carlalberto Corneliani, who along with his late brother Claudio, had founded the company in 1958. In 2017, Corneliani reported turnover of 111 million euros, with the Italian market accounting for 25 percent of the total.

 

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