Move FM Global News

MILAN, Italy: Giorgio Armani’s death at 91 has left one of fashion’s most enduring empires facing a future without the man who controlled every stitch, sketch, and strategy for nearly half a century. The Italian designer built a global powerhouse from scratch, resisted takeover attempts, and set up structures to safeguard its independence, but the question now is how long his wishes will hold.

Armani, who founded the company with his late partner Sergio Galeotti in the 1970s, was its sole major shareholder and steered both the creative and managerial sides until the very end. The group generated 2.3 billion euros (US$2.7 billion) in revenue last year, though profits have shrunk amid a luxury slowdown.

Industry experts say Armani remains an attractive prize for rivals. “It’s one of the most recognised brands in the world, with a stylistic vision that is clearly and uniquely defined,” said Mario Ortelli of Ortelli&Co. Still, he said a deal in the near term was unlikely. Armani himself rejected overtures from players such as Gucci and Italy’s Agnelli family, wary of diluting his control.

To secure continuity, Armani set up a foundation in 2016 to “safeguard governance” and protect the company from being sold or broken up. His bylaws, drafted to take effect after his death, call for a cautious approach to acquisitions and stipulate that any potential stock market listing cannot happen until five years after his passing. The foundation, along with close relatives and long-time aides, is expected to inherit control.

He is survived by his sister Rosanna, nieces Silvana and Roberta, and nephew Andrea Camerana, all active in the group, as well as his trusted collaborator Pantaleo Dell’Orco. Armani’s last interview with the Financial Times suggested he wanted a gradual transition to this inner circle, naming Dell’Orco and his nieces among those who would share responsibilities.

Creative leadership is a key unknown. Silvana Armani worked with her uncle on women’s lines, while Dell’Orco co-designed the men’s collections. Observers say the foundation’s guidelines will determine whether the group adopts a single creative director or a shared approach.

On the business side, veterans like Giuseppe Marsocci and Daniele Ballestrazzi may step into senior managerial roles. The company also enters this transition with financial strength, holding 570 million euros in net cash at the end of 2024 after investing in flagship stores in New York, Milan, and Paris.

Though smaller than luxury giants LVMH and Kering, Armani’s independence has long been its badge of honor. Whether his heirs and foundation can preserve it in an industry dominated by consolidation remains the defining test of his legacy.