Following the demise of Armani, the fashion empire faces uncertainty.
Giorgio Armani, one of the world's leading fashion designers for decades, has passed away at the age of 91. The news was confirmed on Thursday, marking the end of an era in the fashion industry.
Armani co-founded Giorgio Armani SpA with his partner Sergio Galeotti in the mid-1970s. After Galeotti's early death in 1985, Armani became the sole owner of the company. He maintained full control of his billion-dollar company until his death.
Throughout his career, Armani consistently rejected takeover offers, citing his desire for independence. This independent spirit was evident in the way he built his fashion empire, which initially generated revenue through fashion, later expanding into accessories and hotels.
In his final interview with the Financial Times, Armani spoke about the future of his fashion empire. He envisioned a gradual transition of his responsibilities to those closest to him. The safest candidates to succeed him in leading Giorgio Armani SpA are a close committee including his long-time right-hand man Leo Dell'Orco, his nieces Silvana and Roberta Armani, his sister Rosanna, and her son Andrea Camerana.
Armani's nieces Roberta and Silvana, daughters of his late brother Sergio, could also lead the brand. Leo Dell'Orco, Armani's long-time companion, is among those who might take over. However, no specific individuals have been named as potential successors to Armani in the latest news.
Armani rarely discussed his succession plans, as he had no children and did not publicly commit to a successor. The opening of Armani's will is expected to provide more clarity about his succession plans.
Due to health reasons, Armani missed the major shows in Milan and Paris for the first time in June and July. A private funeral will be held at Armani's request. Armani's coffin will be on display in Milan from Saturday.
Armani was more than just a fashion designer. He was a renowned fashion icon who left an indelible mark on the industry. His influence will continue to be felt for years to come.
