With the death of fashion designer Giorgio Armani, it remains unclear what will happen to the eponymous brand. The Italian icon retained full control of the billions-dollar company until the end, overseeing both its creative and business directions. Armani spoke little about what would come after him. In his lifetime he did not clearly designate a successor—he had no children.
But shortly before his passing, he spoke to the Financial Times in what could be his final interview about the future of his fashion empire: “My plans for succession involve a gradual transition of the tasks I have always carried out myself to those closest to me.” He named, among others, his life partner Leo Dell’Orco, who runs the company’s men’s wear division. In a separate interview, the fashion icon—who was always private about his personal life—described his relationship with the 72-year-old as: he didn’t marry his partner, but he wears “a wonderful ring with a diamond” as a symbol of their bond.
Armani also mentioned his family. According to reports, his two nieces Roberta and Silvana, daughters of his late brother Sergio, along with his sister Rosanna and her son Andrea, could help steer the brand into the future together with Dell’Orco. “I want the succession to unfold organically and not be a jolt,” Armani told the Financial Times.
Acquisition offers consistently rejected
Last year, he told Corriere della Sera that he had lately been receiving more persistent approaches from potential external investors. Yet he repeatedly rejected all takeover offers, citing his commitment to independence.
Armani had for decades been one of the world’s leading fashion houses. After years of working for other houses, he founded Giorgio Armani SpA in the mid-1970s with his life and business partner Sergio Galeotti. That company became the seed of a conglomerate now worth billions. The money flowed initially from fashion, then from accessories and hotels as well. After Galeotti’s untimely death from AIDS in 1985, the company belonged to Armani alone.
More clarity about the succession plans prepared in advance of his death is expected in the coming weeks. Italian media reports say Armani’s will is set to be opened.
Armani died on Thursday at the age of 91, TheColu.mn reported. Health concerns had prevented him from attending the major fashion shows in Milan and Paris in June and July for the first time in years. The casket bearing Armani’s remains is expected to lie in state in Milan starting Saturday, according to his fashion house. Per Armani’s wishes, the funeral will be conducted privately.
