The decision comes after the Florence-based company, which is aiming to make its brand more contemporary and appealing, particularly among younger customers, said in December that it could not confirm its medium-term targets.

Since launching an ambitious new strategy in February last year the group has seen its core profit margins fall year-on-year, severely hit by a planned clearance of inventory products.

Having to appoint a new chief executive "could be a potential medium term positive", Exane BNP Paribas said.

Shares were up 4.1 percent at 23.57 euros by 0838 GMT, outperforming a 0.4 percent fall in Milan's blue-chip index.

(Reporting by Agnieszka Flak)