Fashion designing iconGiorgio Armani,renowned for his relaxed, restrained elegance, passed away peacefully at the age of 91. The Armani Groupannounced his death on Thursday, stating that 'Il Signor Armani, as he was always respectfully and admiringly called by employees and collaborators, passed away peacefully, surrounded by his loved ones.' His death marks the end of an era for one of the world's most famous fashion businesses, which he built over five decades, establishing a revolution in the industry. A statement from his family and employees affirmed their commitment to protecting his legacy and carrying his company forward 'with respect, responsibility, and love.'

Beyond his status as a fashion icon, Giorgio Armani constructed a sprawling empire, with his talent making him a billionaire. According to Forbes Real-Time Billionaires, his net worth was $12.1 billion, while Bloomberg estimated his net worth at $9.4 billion, primarily representing the value of his company. Over the years, Armani expanded his business into various sectors, including accessories, perfumes, makeup, flowers, chocolates, and sportswear, alongside interior design, real estate, restaurants, and hotels.

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He owned 20 restaurants globally, as well as two luxury hotels in Dubai and Milan. Armani also owned the basketball team EA7 Emporio Armani Milan, popularly known as Olympia Milano. The Armani Group generated revenue of 2.3 billion euros ($2.7 billion) in 2024. His personal assets included the yacht Main, valued at 60 million euros, and apartments and bungalows in Milan, Saint Tropez, Paris, and Saint Moritz.

Born on July 11, 1934, in Piacenza, northern Italy, Giorgio Armani initially pursued a career in medicine before enrolling in the army. His first foray into fashion began as a buyer and window dresser for the Milan department store La Rinascente. In the mid-1960s, renowned Italian designer Nino Cerruti offered Armani a job designing menswear. By 1973, encouraged by his business and romantic partner Sergio Galeotti, Armani opened his own Milan design studio, leading to the debut of his eponymous collection in 1975 at the age of 41. Notably, he missed Milan's Men's Fashion Weekfor the first time in 2025, a show he designed himself, with his company stating he was 'recovering at home.'

Giorgio Armani tirelessly fought for decades to maintain the independence of the fashion empire he founded, resisting attempts by larger luxury chains like LVMH and Kering to acquire Italian icons. He repeatedly ruled out any deals that would dilute his control and refused to list his group on the stock market, despite approaches from entities like John Elkann and Gucci. However, in interviews in 2024, Armani had stated he wouldn't rule out an IPO or a sale to a larger group once he was gone, entrusting his heirs to evaluate future opportunities. The company has vowed to preserve his spirit of independence, thought, and action, which has always been its hallmark.

With no children to inherit the business, Armani entrusted the future of Giorgio Armani SpA to close family members and associates. Key figures in his succession plan include his nieces Silvana and Roberta Armani, nephew Andrea Camerana, and his long-time right-hand man Leo Dell’Orco,who all hold important roles within the group and are considered potential heirs.

More than a decade ago, Armani began planning for a smooth succession and to retain the company's independence, leading to the establishment of the Giorgio Armani Foundation in 2016. Its aim is to 'safeguard the governance' of the Group's assets, and while it currently holds a symbolic 0.1% stake, it is expected to acquire a larger share after his death.

Armani also drafted new company bylaws, set to take effect upon his death, which outline future governing principles for those who inherit the group. These bylaws call for a 'cautious approach to acquisitions' and divide the company's share capital into categories with different voting rights. They also stipulate that any potential stock market listing would require backing from the majority of directors and could only occur 'after the fifth year following the entry into force of this statute.'

Armani consistently emphasized his determination to develop a business that, though smaller than giants like LVMH, focuses on 'small but beautiful' projects of great symbolic and practical significance, such as renovating flagship stores like theMadison Avenue building in New York and Emporio Armani in Milan, as well as investing in the new Palazzo Armani in Paris and taking e-commerce management in house.

Despite the strategic investments, the Armani Group reported a 5% drop in annual sales to €2.3 billion ($2.7 billion) in 2024, attributed to macro-economic uncertainty and slowing demand in China, amidst a broad industry recession. Nevertheless, the group maintained a robust financial position with 570 million euros in net cash at the end of 2024. Geographically, Europe generates almost half of the Armani Group's revenue, a significantly higher proportion than for many other luxury brands, with the Americas and Asia Pacific each accounting for approximately one fifth.

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At a managerial level, the group will need to fill the chairman and CEO roles previously held by Giorgio Armani himself, with long-term veterans like Giuseppe Marsocci and Daniele Ballestrazzi being considered as possible options. Picking the right creative structure presents a trickier challenge. His niece Silvana worked alongside her uncle on women's collections, while Leo Dell’Orco collaborated with him on men's collections, raising questions about whether the company will adopt a single creative director or multiple line-specific leads in the future.

Giorgio Armani's enduring legacy is characterized by a unique style, combining light and shadow, which he developed into a highly successful entrepreneurial journey, extending Italian elegance to a global scale. His influence spanned fashion, architecture, furniture, hospitality, philanthropy, and even sports through his ownership of the Olimpia Milano basketball club.Bernard Arnault, chairman of LVMH, paid tribute, saying Armani 'created a unique style.' The nonagenarian worked on collections and projects until his final days, and the foundation he created will also bear responsibility for advancing his charitable works, particularly in Milan, ensuring his spirit and vision continue.