A deal by a consortium of investors to buy the group, which includes La Rinascente and and mid-price chain Upim, was finalised at a shareholders' meeting last week. Ex-Marks & Spencer executive Radice (pictured) will spearhead the modernisation of the 16-strong La Rinascente department store chain.
Entrepreneur Maurizio Borletti, who is fronting the consortium and chairs the whole group, said he wants the chain to become 'La Harrods Italiana'. He also wants the group's other chain, 147-store Upim, to ape France's Monoprix. Luca Rossetto has been named chief executive officer of Upim.
The group was bought from the Agnelli family and French retail giant Auchan in March for Eu888 million (£605.3 million) by property group Pirelli, private equity firm Investitori Associati, the Borletti family and Deutsche Bank Real Estate Global Opportunities.
The two chains achieved sales of Eu925 million (£630.6 million) last year. Auchan has previously folded La Rinascente's food stores into its own supermarket division.
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