Following the recent passing of Claudio Buziol, the board of directors of Fashion Box Group SpA announced the appointment of Mr Attilio Biancardi, president of Fashion Box Greece SA, as the new president of Fashion Box Group SpA effective April 1, 2005.

The announcement was greeted with enthusiasm by management and employees alike, as Mr. Biancardi's background, experience, pioneering spirit and proven leadership skills make him an ideal choice for the post.

Mr Biancardi was born in 1944. He studied Political Science at Padova and Finance at Venice. He began his long career at Fashion Box Group SpA in 1988 starting off as Head of Finance and Administration, until 1992 when he took up the post of Managing Director. In July 2001 he became Vice-President of Fashion Box Group SpA.

Upon his appointment, Mr Biancardi remarked: 'I am honoured to accept this important position and embrace this opportunity with the same sense of pride and responsibility that has guided my entire career at Fashion Box Group SpA. I look forward to continuing Claudio Buziol's efforts, further enriching the group's global relationships in pursuit of new opportunities for growth, opening up new markets and forging new partnerships around the world.'

On behalf of Fashion Box Greece SA, Mr Constantinos Tsouvelekakis, stated: 'We feel privileged to welcome our president, Mr Biancardi to his new post and share the utmost confidence that he will continue to inspire all of us to realise our common vision. We are certain he will provide important guidance for the group to continue its successful course'.