Armani’s Death Puts Fate of Luxury Empire in Hands of His Heirs
(Bloomberg) – Italian icons such as Giorgio Armani, Gucci and Fendi have been fought for decades to keep the fashion empire he founded independently, as he was caught by larger luxury chains. There will be heirs who decide what the future will hold.
The Italian Patriarch, whose death was announced on Thursday, has entrusted the future of Giorgio Armani SPA to close the next steps for a company he founded in 1975 to close the family members and partners.
Armani, a violent protector of his empire during his long career, said he could not sell to a public offering or larger group after he went to Bloomberg News last year. Armani’s estimated net value represented the value of a company of $ 9.4 billion.
On Thursday, the company promised to maintain independence, cooperation and Armani’s vision beyond fashion. Although he did not present any details about what would happen after that, he promised to protect what Armani built and took him forward in memory of the company.
“Giorgio Armani is a company with a fifty -year history built with emotion and patience,” he said. “Giorgio Armani has always made independence – thought and action – distinctive feature. The company is now and always a reflection of the soul. The group of family and employees will take forward in terms of the respect and continuity of these values.
In a April 2024 interview, Armani said he did not want to ignore any possibility by saying that evaluating future opportunities would depend on his heirs. While independence can still create value for Armani, “what always characterizes the success of my job is the ability to adapt to changing times.”
At that time, he said, “A reliable human pool that is close to me and chosen by me,” he said. Armani had no children.
In an interview with Financial Times last week, he reiterated these views and said that his responsibilities to family members and his close colleagues such as Del’orco, the president of the male design, foresee a “gradual transition”.
On Thursday, an Armani representative refused to comment on the future of the company.
Armani, rising from a window dresser to create one of the most important luxury houses in the world, was a practical boss who has further intensified under groups such as Lvmh Moët Hennessy Louis Vuitton SE, who had a strict control over his company and managed to concentrate more under groups such as Loro Piana and Kering Sa. Recently, Prada Spa, the owner of the Hit Gen-Z brand Miu Miu, has agreed to buy Versace.
Italian fashion Mogul, for the various fashion lines and beauty and fragrance products L’Oreal SA, long-term licenses attributed to the Acqua Di Gio-Essilorluxoticica SA for the branded eye, while selling Fossil Group Emporio Armani clocks sells.
Armani I don’t expect to be captured by a great luxury holding right now, Ar Armani told Bloomberg last year. “But as I said, Priori would not want to exclude something because it would be a ‘not enthusiastic’ action style.”
Armani was very active in his last year. In October 2024, he wore a flawless tuxedo and presented his Women’s Clothing Spring-Summer 2025 collection in New York.
According to the brand’s Instagram account, at least two boutiques, a restaurant and Armani’s architect team, developed on 12 floors, including Armani Boulevard, coincided with the opening of the Armani building on Madison Boulevard.
Nevertheless, the group was not immune to the luxury collapse, which lower the lengths of Bernard Arnault and Kering’s Pinault family. In July, Armani reported a 5% decrease in annual sales due to macroeconomic uncertainty and slowing down in China.
“By combining light and shadow, a great and successful entrepreneur has created a unique style in which it has become a great and successful entrepreneurial journey and expanded its Italian elegance to the global scale,” Arnault said. “At the same time, he was a true friend and fan of France.
For Milan’s fashion capital, Armani’s death points to the separation of the main lights of the city and a continuous civilian presence. With the ownership of Armani’s Olimpia Milano Basketball Club, it covers fashion, architecture, furniture, hospitality and philanthropy – even with sports. Meanwhile, his minimalist style came to describe the Italian elegance in the world.
The foundation it creates will be responsible for developing charity especially in Milan. The company said it was working on collections and projects until their last days.
“We’ve always felt like a family in this company,” he said.
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