Armani's icon deceased. What lies ahead for his fashion dynasty?
In a sombre turn of events, fashion icon Giorgio Armani passed away on Thursday at the age of 91. The renowned designer, known for his timeless elegance and impeccable style, maintained full control over his billion-dollar company until his death.
Throughout his illustrious career, Armani rarely discussed the future of his fashion empire and did not commit to a successor during his lifetime. This leaves the leadership structure of the Armani fashion empire unclear following his demise.
Armani's fashion house was founded in the mid-1970s with his partner Sergio Galeotti. After Galeotti's early death in 1985, the company belonged solely to Armani. Over the years, the Armani empire expanded beyond fashion, generating revenue through accessories and hotels as well.
Despite receiving "increasingly persistent" approaches from potential external investors, as Armani revealed in a previous interview with "Corriere della Sera," he always rejected takeover offers, citing his own independence. Similarly, he turned down numerous takeover offers for his fashion empire.
Armani's last interview with the "Financial Times" was a significant source of information about his succession plans. In it, he expressed a desire for the succession to be organic and not sudden, hinting at a gradual transition of his responsibilities to those closest to him. However, no specific persons are mentioned as potential successors to the leadership of the Armani fashion brand after Armani's death.
Armani did not have children of his own, but he did mention Leo Dell'Orco, Roberta and Silvana (his nieces), and Andrea (his sister Rosanna's son) as potential successors in various interviews. These individuals could play significant roles in the future of the brand.
Armani's coffin will be on display in Milan from Saturday, and his funeral ceremony will take place in a private manner, as per his request. The opening of Armani's will in the coming weeks is expected to provide more clarity about the succession plans for his brand.
The fashion world mourns the loss of a titan, but the future of Armani's empire remains uncertain. The industry awaits the unfolding of events with bated breath, as the legacy of Giorgio Armani continues to resonate in the world of fashion.
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