The death of Giorgio Armani He shook the fashion world. The 91 -year -old Italian designer and businessman founded one of the best known brands in the industry in the last five decades. Following this, Many wonder who the heirs are and what will happen to the company in the future.
Armani was the only majority shareholder of the company which founded, together with its late partner Sergio Galeotti, in the 70s. According to Forbes, a media specialized in business and finance, the Italian businessman had a Net equity of 12,100 million dollars. As he never married or had children, he left almost all of the company in the hands of the Giorgio Armani Foundationwhich was created in 2016 with the main objective of “safeguarding” the company and ensuring its stability and permanence in time.
Armani’s empire, composed of Fashion brands, hotels and restaurantsgenerated relatively stable income from 2.3 billion euros in 2024. However, Their earnings were reduced in the middle of a wide recession of the sector. Anyway, despite the deceleration, the company It continues to be extremely attractiveaccording to the expert Mario Ortellidirector of the luxury advice firm Ortelli & Co.
Giorgio Armani’s legacy
Over the years, the manufacturer of the popular unstructured costumes received several proposals.
In 2021 J.Ohn Elkanndescendant of the Italian family Agnelli, and another of the luxury brand Gucci, when Maurizio Gucci was still in charge, an offer approached him To the designer. However, Armani, who according to experts in the sector was especially cautious about his French rivals, repeatedly ruled out any possible agreement that he had diluted his control and refused to quote his group in the stock market.
This way, implemented measures to guarantee the continuity and independence of your businesswhich he directed with relatives of trust and a network of colleagues of many years. This led him to Create a foundation in 2016. A year later, the designer declared the Italian newspaper Corriere Della, it would be that such a mechanism was necessary to Help their heirs to get along and prevent the group from being bought by others or dissolved.
Who will be the heirs of the Armani Empire
The entrepreneur wrote new statutes of the company that will enter into force after his death and describe the future guiding principles that will govern those inheriting the group.
They demand a cautious approach to the acquisitions and divide the company’s share capital into several categories with different voting rights and faculties. On the other hand, they also point out that any potential contribution would require the support of most directors and could only take place “after the fifth year following the entry into force of this statute.”
In this context, during his last interview with the Financial Times, the designer commented: “My succession plans consist of a gradual transition of the responsibilities that I always had to my closest beings.” In this way, he mentioned it to Leo Dell’orcodirector of the Male Style Office, Right Hand during the last two decades and their last partner.
On the other hand, other names that charge more strength are those of their two nieces, Silvana, 69, Member of the creative female fashion team; and Roberta, 54which is dedicated to public relations and the link with celebrities; In addition to his nephew Andrea Camerana, 55, which has executive positions within the group.
However, the key to the succession plan is its foundation. It currently has a 0.1% symbolic participation In the Milanese group, but after his death he is expected to obtain a greater participation, along with the other heirs.
Source: Ambito
I am an author and journalist who has worked in the entertainment industry for over a decade. I currently work as a news editor at a major news website, and my focus is on covering the latest trends in entertainment. I also write occasional pieces for other outlets, and have authored two books about the entertainment industry.
