Exor also noted that it has appointed board member Ajay Banga as Chairman in a move to separate the roles of Chairman and CEO.

Dumas has been appointed to the position for a one-year term, Exor say, though the appointment can be renewed.

Exor, which is the single largest shareholder in carmaker Stellantis and has controlling stakes in companies including Ferrari and Serie A soccer team Juventus, has been making drives into the luxury industry with a majority stake purchase in Chinese luxury group Shang Xia in 2020, and a 24% stake in French footwear brand Christian Louboutin last year.

Discussing the appointment, Exor CEO John Elkann said: “Axel is the sixth-generation leader of a family-owned company that is the very epitome of excellence and tradition and is also renowned for its success in seeking renewal and change.”

Source: Fashion Network