MILAN — Etro has tapped Francesco Giannaccari as the company’s new general manager.
The role was previously held by Ippolito Etro, who exited his family’s company last March. His father Gimmo Etro, president of the firm, took on the position on an interim basis with the support of Jacopo Etro, the brand’s global communication vice president.
“We chose Francesco Giannaccari because over the years he matured an incredible experience in the luxury business and it emerged he is very in sync with the company and our plans for the future,” Jacopo Etro told WWD. “And I also think that due to his experience he has technical skills that we don’t have in our family.”
Most recently, Giannaccari was vice president of Tom Ford International and International Franchises. From 1998 to 2005, he served at the Gucci Group, where he held the positions of chief executive officer of Gucci Europe and then executive vice president of Bottega Veneta. Giannaccari was head of international operations at Abercrombie & Fitch from 2005 to 2007.
Etro highlighted that the presence of an executive who is not part of the family will simplify the decision-making process.
“Someone coming from the outside can feel more free to express his opinion with no embarrassment,” he said.
According to Jacopo Etro, Giannaccari will help boost the company’s growth plan. This includes the expansion of specific categories, including footwear, a business which Etro brought back in-house last April, and fragrances.
“We also plan to introduce a license for the production of an eyewear line, a category we currently don’t have,” he said.
The company, which closed 2013 with turnover of 300 million euros, or $411 million at average exchange, also plans to expand its retail presence in both Europe and the U.S. The goal is to enter new cities for the brand such as Dallas, Chicago and Las Vegas. In addition, Etro said that the company is aiming at increasing its retail business in China, Hong Kong and Singapore through a focused marketing and branding strategy.