Milan – Giorgio Armani’s death leaves a vacuum at the top of his billion-dollar luxury business, an independent empire he built up over 50 years spanning hotels to haute couture.
Born into a modest family in northern Italy, Armani, who died on Thursday aged 91, became one of the richest men in the world and the fourth richest in Italy.
His net worth was estimated at $11.8 billion, according to Forbes magazine.
From his historic headquarters in Milan, Armani led an empire employing more than 9,000 staff at the end of 2023, and with revenues of 2.3 billion euros ($2.7 billion) in 2024, according to the group.
More than 600 stores worldwide sell Armani brands under several lines: Giorgio Armani, Emporio Armani, A|X Armani Exchange, and EA7.
The group also licenses eyewear from EssilorLuxottica, and perfumes and cosmetics from L’Oreal.
Armani is also active in the hotel, restaurant and real-estate industries, with building collaborations in China, Miami and Brazil.
A sports enthusiast, the designer owned the Olimpia Milano basketball team and designed formalwear for Juventus and the Italian national football team.
Armani had no direct heirs, but he had long planned for his succession, keen for the integrity and independence of the group to outlast him.
According to the Italian press, a new statute has been ready since 2016 for his death. It would see the creation of six classes of shares with specific voting rights and governance prerogatives.
In this new structure, a central role is expected to be played by the Giorgio Armani Foundation, which holds 0.1 percent of the Armani group’s capital, and by the designer’s close relatives and friends. AFP
These include his nieces Silvana and Roberta Armani, his nephew Andrea Camerana, his sister Rosanna Armani, and his right-hand man Leo Dell’Orco.
“I would like the succession to be organic and not a moment of rupture,” he told the Financial Times in an interview published just days before his death.
“My plans for succession consist of a gradual transition of the responsibilities that I have always handled to those closest to me,” he said, “such as Leo Dell’Orco, the members of my family and the entire working team.” AFP
