Giorgio Armani, the revered Italian fashion designer and founder of the eponymous Armani Group, has died peacefully at the age of 91, surrounded by family. His passing marks the end of an era in the fashion world, but he leaves behind a meticulously crafted roadmap for the future of his illustrious empire. Tributes are pouring in from across the globe, highlighting the profound impact he had on both the fashion industry and wider popular culture. The Armani Group has announced plans for a memorial service in Milan, a city that he played a pivotal role in establishing as one of fashion’s great capitals.
Born in Piacenza, Italy, Armani’s journey to becoming a fashion icon was not straightforward. Initially aiming to pursue a career in medicine, he quickly shifted to the realm of haute couture after experimenting with window dressing and buying at a Milanese department store. His early days included designing menswear for Nino Cerruti, where he developed a reputation for innovative style and impeccable quality. In 1975, alongside his partner Sergio Galeotti, he launched his own label in Milan, beginning with a menswear line and soon branching into womenswear, accessories, fragrances, and even home decor.
With an understated style that revolutionised modern fashion, Armani introduced the world to the power suit and pioneered the concept of the lifestyle brand. His influence reached far and wide, dressing notable figures from Richard Gere in ‘American Gigolo’ to countless celebrities gracing red carpets. Over his remarkable five-decade career, Armani constructed one of the most successful privately held fashion empires, leaving a lasting impression on the industry and beyond.
In a stark contrast to many luxury houses that stay within family ties, Armani carefully orchestrated a succession plan that reflects his values and vision. Following his death, the control of the Armani Group will be shared among six selected heirs, including his sister Rosanna, two nieces, one nephew, his long-time collaborator Pantaleo (Leo) Dell’Orco, and a charitable foundation. Each successor is already an active member of the company’s board, and they stand to inherit shares in line with the bylaws put into place in 2016.
Armani’s foresight did not end with financial matters. He mandated through his bylaws that the brand must continue to embody an “essential, modern, elegant and unostentatious style with attention to detail and wearability.” A key part of the succession documents ensures that the process for appointing future women’s and men’s style directors stays true to his creative ethos.
Financial provisions further reinforce the stability of the Armani brand. Moves such as an IPO or mergers and acquisitions are prohibited for five years following his death, allowing the company to maintain its independent spirit and high standards. Currently, Armani remains a privately held entity with estimated annual revenues exceeding $2.68 billion, with a potential future valuation upwards of $5.8 billion if it chooses to go public.
The new leadership, comprised of family members and trusted collaborators, is committed to upholding Armani’s principles, ensuring both the brand’s independence and its storied legacy. Additionally, the charitable foundation established by Armani will guide the distribution of some future profits towards philanthropic initiatives, aligning with his commitment to social responsibility.