New Delhi, Nov. 30 -- MILAN - The House of Armani, once the unassailable pinnacle of Italian luxury fashion, where Giorgio Armani's deconstructed suits redefined power dressing for presidents and movie stars, now confronts an uncertain horizon. On Friday, the company unveiled a reconstituted board of directors tasked with navigating a meticulously crafted Giorgio Armani succession plan following the designer's recent death, a move that has thrust his $10 billion empire into the glare of global scrutiny amid a slumping luxury market.

The announcement, detailed in a terse filing to Italy's companies register, introduces heavyweights like Marco Bizzarri, the former CEO of Gucci who steered Kering's crown jewel through a $100 billion valuati...