Who are Giorgio Armani’s heirs, and what will happen to the company after his death?
Its future will likely be decided by Giorgio Armani’s nieces and nephews, and close associates such as Leo Dell’Orco
Giorgio Armani fought for decades to keep the fashion empire he founded independent, as Italian icons like Gucci and Fendi were snapped up by larger luxury groups. It will be his heirs who decide what the future will hold.
The Italian patriarch, whose death at age 91 was announced on Thursday, entrusted the future of the Giorgio Armani brand to close family members and associates who will map the next steps for a company he started in 1975.
A fierce protector of his empire during his long career, Armani said last year he wouldn’t rule out an IPO or a sale to a larger group once he was gone. Armani’s estimated net worth of US$9.4 billion represented mostly the value of his company.
The company on Thursday vowed to preserve his spirit of independence, collaboration and the vision he crafted that went beyond fashion, “anticipating the times with extraordinary clarity and pragmatism”. While it offered no specifics about what comes next, it pledged to protect what Armani created and carry the company forward in his memory.
“Giorgio Armani is a company with 50 years of history, built with emotion and patience,” it said. “Giorgio Armani always made independence – of thought and action – his hallmark. The company is, now and always, a reflection of this spirit. His family and employees will carry the group forward in respect and continuity of these values.”
In an April 2024 interview, Armani said he didn’t want to rule out any possibilities, saying that it would be up to his heirs to evaluate opportunities that arose in the future. While independence could still drive value for Armani, “what has always characterised the success of my work is an ability to adapt to changing times”.
At the time, he envisioned “a pool of trusted people close to me and chosen by me”, pointing to the leadership of his company’s foundation – particularly Leo Dell’Orco, who’s supported the designer in managing the company for years, and his nieces Silvana and Roberta Armani, and nephew Andrea Camerana. Armani had no children.
He reiterated those views in an interview with the Financial Times last week, saying he envisioned a “gradual transition” of his responsibilities to family members and close associates such as Dell’Orco, who is head of men’s design.
An Armani representative on Thursday declined to comment on the company’s future.