The passing of Giorgio Armani at the age of 91 marks a significant moment for the fashion world and the independent empire he meticulously built over nearly five decades. Announcing his death on Thursday, the company founded in 1975 now faces the question of its future, a destiny entrusted to close family members and associates rather than the patriarch himself, who fiercely protected its autonomy against the luxury industry's trend of consolidation.

Armani, whose estimated net worth of $9.4 billion was largely tied to his company, consistently championed independence. However, in interviews prior to his death, he acknowledged that his heirs would ultimately need to evaluate opportunities, including a potential IPO or sale to a larger group. Despite this, the company affirmed its commitment to preserving his spirit of independence, collaboration, and a visionary approach that extended beyond fashion, pledging to carry forward what Armani built in his memory.

The succession plan, carefully crafted by Armani, focuses on a "pool of trusted people." Key figures include his right-hand man and head of men's design, Leo Dell'Orco (also referred to as Pantaleo Dell'Orco), his nieces Silvana and Roberta Armani, and nephew Andrea Camerana. With no children of his own, these family members, alongside his younger sister Rosanna, are regarded as potential heirs, all holding important roles within the group. This gradual transition of responsibilities was a recurring theme in his final interviews, emphasizing continuity through those closest to him.

To further safeguard the company's independence and prevent it from being bought or broken up, Armani established a foundation in 2016. Its stated purpose is to "safeguard the governance" of the Armani Group's assets, ensuring adherence to his core principles. While initially holding a symbolic 0.1% stake, the foundation is expected to gain a larger share after his death. Furthermore, Armani drafted new company bylaws, effective upon his demise, which mandate a "cautious approach to acquisitions" and stipulate that any potential stock market listing would require majority director backing and could only occur "after the fifth year following the entry into force of this statute."

Financially, the Armani Group recorded relatively stable revenue of 2.3 billion euros ($2.7 billion) in FY2024, despite experiencing a 5% drop due to macroeconomic uncertainty and slowing demand in China. However, the company boasts a robust financial position with 570 million euros in net cash, demonstrating its resilience. While industry experts like Mario Ortelli acknowledge Armani as a highly attractive target due to its global recognition and unique stylistic vision, a mid-term deal is considered unlikely given the protective measures put in place by its founder. The group, though smaller in scale compared to luxury giants like LVMH and Kering, generates nearly half of its revenue from Europe, with the Americas and Asia Pacific each contributing about one-fifth.

Armani remained extraordinarily active until his final days, a testament to his dedication. In October 2024, he presented his womenswear spring-summer 2025 collection in New York City, coinciding with the inauguration of the sprawling 12-floor Armani building on Madison Avenue, a project developed with his team of architects. His influence stretched far beyond the runway, encompassing architecture, furniture, hospitality, and philanthropy through his foundation, even extending to sports with his ownership of the Olimpia Milano basketball club. His minimalist aesthetic became synonymous with Italian elegance globally, and his charitable works, particularly in Milan, will continue under the foundation's purview.

The post-Armani era will necessitate filling the chairman and CEO roles, both previously held by Giorgio Armani himself. Long-term veterans like Giuseppe Marsocci and Daniele Ballestrazzi are considered potential candidates for managerial positions. Creatively, the structure might involve multiple leads, as his niece Silvana collaborated on women's collections, and Dell'Orco on men's. The foundation's guidelines are expected to provide clarity on whether a single creative director or line-specific directors will be appointed. As Milan bids farewell to one of its major lights, the company, guided by his family and loyal employees, is poised to navigate its future, upholding the profound legacy of a man who built an empire on independence and timeless style.