MILAN (Reuters) -Giorgio Armani's deputy managing director, Giuseppe Marsocci, is set to be appointed chief executive of the Italian fashion house, a source said on Thursday, confirming a local media report.

The appointment will be approved by a board meeting to be held later on Thursday, the source added.

Marsocci, who also serves as Global Chief Commercial Officer according to LinkedIn, will step into the role previously held by the company's founder Giorgio Armani, who died in September.

As CEO, Marsocci will be tasked with steering the group through a period of major change, including the sale of a 15% stake, with priority given to luxury conglomerate LVMH, beauty heavyweight L'Oreal , eyewear leader EssilorLuxottica or another group of "equal standing", as outlined in Armani's will.

Giorgio Armani group declined to comment.