The Italian fashion and lifestyle group BasicNet has named Alessandro and Lorenzo Boglione its new co-chief executive officers. The announcement was made during the company's annual shareholders' meeting on April 17 in Turin.

The leadership transition marks the end of Federico Trono's tenure as CEO after two terms. "Today marks the successful close of Federico Trono's two-term tenure as CEO," said Marco Boglione, founder and chairman of BasicNet. "His contribution has been essential to the group's growth and development, and instrumental in ensuring a smooth operational transition for our two new CEOs. We extend our deepest thanks to Federico Trono, confident that he will continue to offer valuable insights through the strategic roles he will maintain within the group."

The newly appointed co-CEOs, Alessandro and Lorenzo Boglione, are part of the family behind BasicNet and have held leadership roles within the company for several years. Before this new position, both served as the group's vice presidents.

"This appointment carries great responsibility, but above all, it signals continuity with the values and vision that have guided BasicNet since its inception. It's a generational handover we embrace with enthusiasm, aware of the work ahead and the challenges to come," the Boglione brothers told FashionNetwork.com.

During the meeting, the board also approved BasicNet's 2024 financial results. The company reported annual revenue of €409.2 million, a 3.1% increase over 2023. Shareholders approved a dividend payout of €0.16 per share and authorized a share buyback program without a time limit.

Daniela Ovazza was also appointed as non-executive vice chair of the board.

Headquartered in Turin, Italy, BasicNet operates a portfolio of globally recognized fashion and sportswear brands. These include Kappa, known for its athletic apparel; Superga, a footwear label famed for its classic canvas sneakers; K-Way, known for foldable rain jackets; and others like Sebago, Briko, Robe di Kappa, Jesus Jeans, and Sabelt.