Giorgio Armani’s passing at 91 marks the end of an era in global luxury fashion. The designer, who built Armani into a $2.7 billion business, was one of the last independent owner-operators in a sector dominated by conglomerates like LVMH and Kering. He kept the company private throughout his life, fiercely guarding its independence from outside takeover attempts, the Wall Street Journal reported.
The foundation’s role
Control of the group will pass to the Giorgio Armani Foundation, established in 2016 to ensure continuity and preserve independence. Armani had long prepared for this succession, appointing three nominees to oversee the foundation. While full details remain undisclosed, Armani also set new bylaws that impose strict limits on ownership changes, acquisitions, and debt. A public listing is possible only with board approval.
The inner circle
Armani’s tight-knit team will play a central role in shaping the brand’s future. His trusted lieutenant Pantaleo “Leo” Dell’Orco leads menswear, while nieces Silvana and Roberta Armani manage womenswear and entertainment relations. Other family members, including Andrea Camerana and Rosanna Armani, also hold leadership positions.
A legacy in transition
Unlike brands that collapsed after their founders’ deaths, Armani’s house could follow the path of Chanel, Dior, and Saint Laurent, which thrived under new stewards. However, analysts warn the label’s prestige has faded somewhat, with last year’s sales slipping 5% and operating profits down nearly 25%. Still, Armani has invested heavily in renovations and digital expansion to modernize operations.
Beyond fashion
The group extends well beyond apparel, with ventures in home furnishings, confectionery, dining, and even luxury hotels in Milan and Dubai. This diversification reflects Armani’s ambition to shape not just wardrobes but lifestyles.
The industry outlook
Luxury analysts predict strong outside interest in acquiring Armani, given its global recognition and rare independence. Yet Armani’s safeguards could keep control firmly in family and foundation hands. LVMH’s Bernard Arnault, who once sought a stake in Armani, praised him for extending Italian elegance worldwide.
The lesson Armani left
For Armani, the key values were independence and humility. “Sometimes people in this business have strong egos, and it’s important to remain modest,” he said last year. Whether his successors can blend these ideals with the demands of today’s global luxury market will determine the future of the brand he built.
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