A good six months after his departure as Gucci CEO, Marco Bizzarri's next steps are now certain. Bizzarri is investing in luxury fashion brand Elisabetta Franchi, as the businessman revealed in an interview with the industry magazine WWD. The former Gucci CEO is acquiring 23 percent of the Italian fashion house through a private holding company called Nessifashion. However, Bizzarri is not only an investor, but will also take over the chairmanship of the brand on 15 April.

Franchi approached him last year after leaving Gucci, said Bizzarri, who is "very curious about the self-made woman from Bologna". He was impressed by the success and profitability of her company, the relationship she has with her customers and her intuitive and authentic approach to social media and communication.

According to the media outlet, Elisabetta Franchi's parent company, Betty Blue, is expected to close the 2023 financial year with a turnover of 170 million euros and a profit margin before interest and taxes of 31.8 percent. The company is also represented in 78 countries with around 100 mono-brand stores. Bizzarri's aim now is to create a structure for the company that is sustainable in the long term so that Franchi can concentrate on design in future.

This support is also backed by CEO Gabriele Maggio, who was appointed in February and, like Bizzarri, has many years of experience in the luxury fashion industry. Maggio was most recently president and CEO of the British fashion house Stella McCartney, from which he left in December. Prior to that, he was managing director of the Italian label Moschino and held several management positions and board positions at the luxury brands Gucci and Bottega Veneta.

This article originally appeared on FashionUnited.DE. Translation and edit by: Rachel Douglass.