* IT in nonbinding accord with Mensun

* Names Pierantonio Nebuloni chief executive (Adds details throughout, background)

MILAN, Dec 11 (Reuters) - Italian fashion group IT Holding has signed a nonbinding accord with China's Mensun Ltd for the possible sale of assets and has named a new chief executive, IT said on Thursday.

GF Ferre campaign

IT, the group behind brands that include Gianfranco Ferre, named Pierantonio Nebuloni, a founder of the Management & Capitali SpA investment group to replace founder Tonino Perna as chief executive, it said in a statement. Perna will stay on as chairman.

Perna updated the board on progress of talks with Mensun on Thursday.

IT Holding mandated Perna last week to continue exclusive talks with Mensun, a company represented by Chinese businessman Billy Ngok, until the end of the year.

Ngok is chairman of Hembly International Holdings Ltd . (Reporting by Ian Simpson)