Gian Carlo Di Risio, CEO at Italian fashion group IT Holding SpA which controls brands such as Malo and Gianfranco Ferre, has stepped down after 15 years. He will be replaced by Tonino Perna who is currently the chairman and controlling shareholder of IT Holding.

During his time at the company, Di Risio oversaw its transformation from a licensed producer of jeans for Versace, Dolce & Gabbana, and Roberto Cavalli labels to a multi-brand group.

In a statement, he said that his decision to leave was "tied to the conclusion of the reorganisation of the group after its acquisition of important luxury goods brands over the past three years."