Giorgio Armani, the visionary Italian patriarch who fiercely protected the independence of his fashion empire for decades, passed away at the age of 91. His death on Thursday has brought to the forefront questions about the future of Giorgio Armani SpA, a company he founded in 1975 and meticulously built into a global luxury powerhouse.

Armani had entrusted the future of his company to a pool of close family members and trusted associates, including Leo Dell'Orco (head of men's design and a long-time manager), his nieces Silvana and Roberta Armani, and nephew Andrea Camerana. Though he had no children, his succession plan, often discussed in interviews, indicated a gradual transition of responsibilities. While he had previously stated he wouldn’t rule out an initial public offering (IPO) or a sale to a larger group after his passing, he emphasized that such decisions would ultimately be for his heirs to evaluate, aligning with his belief in adapting to changing times. The company, in its immediate statement, vowed to preserve Armani’s spirit of independence, collaboration, and his forward-thinking vision.

For nearly five decades, Armani battled to maintain autonomy, a stark contrast to many other Italian luxury brands like Gucci and Fendi, which were acquired by major conglomerates such as LVMH Moët Hennessy Louis Vuitton SE and Kering SA. His hands-on leadership allowed him to steer his company through an increasingly concentrated luxury market, resisting the trend seen recently with Prada SpA's acquisition of Versace. He believed that independence could continue to drive value, a hallmark of his enduring success.

Armani’s empire was expansive, extending far beyond haute couture. It encompassed various fashion lines, long-term licensing agreements with L'Oreal SA for beauty and fragrance products (including the famous Acqua di Gio), EssilorLuxottica SA for branded eyewear, and Fossil Group for Emporio Armani watches. His influence also spanned architecture, furniture, hospitality, philanthropy, and even sports, with his ownership of the Olimpia Milano basketball club. His distinctive minimalist style became synonymous with Italian elegance worldwide.

In his final year, Armani remained remarkably active. In October 2024, he presented his womenswear spring-summer 2025 collection in New York City, coinciding with the inauguration of a sprawling 12-floor Armani building on Madison Avenue, featuring boutiques, a restaurant, and apartments. Despite his relentless work, the group was not entirely immune to the broader luxury slump, reporting a 5% drop in annual sales to €2.3 billion ($2.7 billion) due to macroeconomic uncertainty and slowing demand in China. Bernard Arnault, majority owner of LVMH, paid tribute to Armani, acknowledging his unique style and global impact.

Armani’s death marks the departure of a major civic presence in Milan, where his influence was deeply felt across numerous domains. The foundation he created will now bear the responsibility for advancing his charitable works, particularly within the city, ensuring his legacy of giving continues. His family and employees have pledged to carry the group forward in respect and continuity of the values Giorgio Armani championed throughout his extraordinary life and career.