Italian fashion group Fin.Part SpA on Wednesday named board member Ubaldo Livolsi as chairman to replace Gianluigi Facchini.

The company, whose labels include Andrea Pfister, Cerruti, and Maska, said Facchini will remain CEO of the luxury goods group he founded in 1996 until May 15, when shareholders are expected to appoint new managers.

Fin.part posted a net loss of 65 million euros in 2002 and is reported to have debts of around 400 million euros. Sales rose 8.3 per cent last year to 458 million euros from the year prior with net earnings up 80 per cent year-on-year to 34 million euros.