In what is a huge loss to the fashion industry, Giorgio Armani passed away at the age of 91 on September 4 (Thursday). Known for his luxury label Armani, worth $12 billion, the demise of one of the biggest names in the fashion industry sparked several tributes. With no children or partner, he left behind a significant void, raising the question regarding the fate of brand ‘Armani’.
Redefining the art of power dressing, Giorgio Armani revolutionised menswear with his bespoke design and aesthetic. The luxury fashion house was founded in 1975, and today, has several labels under the RTW brand. From Giorgio Armani, under the haute couture category, Armani Exchange is popular among luxury brands, along with Armani Jeans and Armani Prive under the couture segment.
Giorgio Armani net worth
As per the Bloomberg Billionaires Index, Giorgio Armani was worth over $9 million and ranked among the world’s top 200 billionaires on the Forbes list. The Milan haute couture brand had an annual revenue of more than $2 billion with ventures in beauty, fragrance, music, sport, and even luxury hotels.
The richest queer figure in fashion, his decades worth of legacy made him the third richest Italian after Giovanni Ferrero and Andrea Pignataro. However, he is not only associated with uber-chic and luxurious fashion, Armani also owned a basketball team, Olimpia Milano, with significant investments in real estate, luxe hospitality, and was the sole owner of a 200-foot yacht.
Similar to Italian labels like Gucci and Prada, Armani also laid great emphasis on familial leadership. After establishing the Giorgio Armani Foundation in 2016, it safeguarded the governance of the multi-billion-dollar empire and preserved its independence. The bylaws, carefully overseen by the mogul himself, restrict any public listing within five years of his death.
Who will inherit the Armani empire?
Armani’s passing marks the end of an era in men’s fashion and is a huge loss for the Milan-based atelier. In an interview with the Financial Times earlier, he talked about his succession plans. He aimed for a gradual transition for his role in the brand and trusted Leo Dell’Orco and other family members with the duty.
While he had no spouse or children, Armani had had two significant relationships in the past with Sergio Galeotti and Leo Dell’Orco. Apart from their personal lives, they were involved closely in business affairs too.
The luxury conglomerate currently remains without any descendants; however, the Armani family has had close control over the brand’s functioning. Giorgio Armani’s elder sister, Rosanna, his nieces, Silvana and Roberta, and his nephew, Andrea Camerana, hold key spots in the label’s leadership roles. Based on speculations and reports, these are the top contenders for the future face of the luxury label.
