The legendary Italian fashion designer and accessories creator left behind a fortune estimated at over $12 billion. Armani stated in his autobiography several years ago that a succession plan was prepared, but the designer did not wish to disclose details earlier.
UNN reports with reference to The Times.
Details
After the death of Italian designer Giorgio Armani, questions arose for which there was no clear answer outlined in advance.
- Who will inherit the brand of the fashion world legend?
- Who will be the successor to Armani's vast fortune, estimated at approximately $12.1 billion?
Giorgio Armani announced his succession plan in his 2022 autobiographical book, stating that the designer had prepared for it with his "usual pragmatism and discretion." However, it was indicated that the Italian fashion designer and billionaire "would not disclose" the successors "now."
It should be noted that after launching his fashion house in 1975, Armani was always the sole head, creative director, and owner of a huge business. He continued this work until recent years.
But at the same time, as Paola Pollo, fashion editor of the Italian Corriere della Sera, emphasizes, Armani also planned his death and "wrote everything down so that the empire would remain intact."
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There is also another perspective on the situation.
Giulia Crivelli, fashion editor of the Italian financial newspaper Il Sole 24 Ore, stated that things might not be so simple.
This was a man who maintained full control over the company until the end. I think he did not prepare a successor — there is no real plan
Among the examples that point to a probable scenario is the case of Luxottica. Three years after the death of its founder, the Italian sunglasses manufacturer is facing questions and a struggle for ownership.
Thus, a large fortune, a superyacht, real estate in Italy, Antigua, or New York — all of this can be a "stumbling block" in the form of a series of disputes and lawsuits.
However, it should also be noted that Armani himself, shortly before his death, spoke in an interview with the Financial Times about a "gradual transition" of power. This referred to people like Leo Dell'Orco (partner and head of men's wear design at Armani's company) and the Dell'Orco family.
As for the brand, various experts are already saying in media comments that no matter who takes over the position that Armani controlled for many decades, it will not be easy for this successor to live up to the reputation of a person called a "legend" by the brightest stars of world culture.
Recall
UNN reported that the founder of the global fashion empire Giorgio Armani died at the age of 91. He remained true to his craft until his last days.