The fashion world bid farewell to Giorgio Armani, the man behind the globally acclaimed fashion house on September 4, aged 91. Armani has left behind a legacy of timeless elegance and an empire that is worth $12 billion approximately ₹99,600 crore. As the fashion world is busy mourning his death, the question remains what will happen to his empire now.
Partner Leo Dell’Orco might inherit
Giorgio Armani’s professional life was in the public domain but his personal life was mostly away from public limelight. Most of his life he shared great relationships with Sergio Galeotti who passed away in the 1980s from complications related to AIDS. Armani’s other close aide is Leo Dell’Orco, during an interview in the past Armani confirmed that, “My succession plans consist of a gradual transition of the responsibilities I have always assumed towards Leo Dell’Orco, the members of my family and the work team.”
A self-made legacy
All his life, he kept his personal life very private and mostly focused on his work. He never married, has no child and has devoted his life to his brand. At the time of his death, his net worth was estimated at over $10 billion.
There isn’t a direct heir of his empire, Armani years ago took a step to secure the future of the empire, he built Giorgio Armani Foundation in 2016 that could oversee the governance of his empire and also keep it independent.
This is a rare move, he even has set a detailed bylaw for governance post his demise, this included a strict acquisition policy, and a mandate that the company won’t go public at least till five years after his demise.
Function under Foundation’s oversight
Even though Armani was very clear from the beginning that there won’t be a direct descendant, he kept his family close. His younger sister Rosanna, his nieces, Silvana and Roberta, and his nephew, Andrea Camerana, all have important roles in the company. It is expected that after Armani’s demise, all these extended family members would support the company being run under Foundation’s oversight.
Who will lead next?
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The key successor is Pantaleo “Leo” Dell’Orco, over four decades creative partner and head of menswear and Armani’s right-hand.
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Giorgio’s sister Rosanna Armani, who is the head of women’s design
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Roberta (global and VIP communications director),
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Andrea Camerana, nephew and holds a senior role in the empire
Foundation’s role
Currently the stake of the Giorgio Armani Foundation is 0.1%, but as per Giorgio’s mandate it is expected that the foundation will have a significantly larger and more central ownership role. Foundation will anchor the company’s independence, safeguard its values. It is expected that the Foundation will oversee both business as well as personal fortune.
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