Popular fashion designer, Giorgio Armani has died at the age of 91. The Armani Group released a statement confirming the news and credited him with redefining Italian elegance and red-carpet glamour. They revealed that the fashion mogul breathed his last surrounded by his loved ones.
While Giorgio Armani’s death marks the end of an era in the world of fashion, it has raised new questions about the future of his empire, valued at USD 12.1 billion. Since the designer never married or had any kids, the absence of an indirect heir has triggered a new inheritance race. Here’s who could get a chunk of Giorgio Armani’s massive fortune.
Who are the potential heirs to Giorgio Armani?
Giorgio Armani was a deeply private person and kept his life away from the spotlight, letting his work talk. But he never shied away from expressing his devotion to family. The fashion designer is survived by his younger sister, Rosanna, two nieces, Silvana and Roberta, and a nephew, Andrea Camerana. All three of them have played active roles within the Armani brand for several years now. Silvana used to work closely with Giorgio on women’s collections while Andrea and Roberta took on senior management responsibilities.
Another figure in the scene and a close ally of Giorgio Armani’s family was Pantaleo Dell’Orco. Also known as Leo, he was one of the most trusted people in Giorgio’s life, often regarded as his right-hand man. Leo collaborated with Giorgio for menswear. At the same time, he admitted that he held a ‘deep affection’ for Leo Dell’Orco. However, the designer never called it love. Together, these five people are widely seen as the most likely heirs to his fortune and fashion house.
What did Giorgio Armani do to protect his legacy?
Giorgio Armani’s brand was not just a profit-making business for him; it was all his life’s hard work. Consequently, he took some important steps to preserve the independence of his brand. The Italian fashion designer had long resisted buyout offers from other leading luxury brands in the industry, like LVMH and Kering. Moreover, in 2016, he established a foundation 2016 that was designed to safeguard the future of his company after his death.
During an interview with Corriere della Sera in 2017, Giorgio explained that the foundation would ensure unity among heirs and prevent the group from being broken up or sold. At present, the foundation holds a symbolic stake of 0.1% against Giorgio’s 99.99% stake. However, the group is expected to play a larger role in governance now that the designer has passed.
What will happen to Giorgio Armani’s fortune in the future?
Giorgio Armani founded The Armani Group with his late partner Sergio Galeotti in the 1970s. In 2024, it reported revenues of 2.3 billion euros. However, like other luxury brands, the company has faced a slowdown, with profits falling by nearly 24%. Still, Armani left the group in a strong financial position with 570 million euros in net cash. Additionally, Giorgio had even drafted some bylaws that will now take place. These include dividing share capital into categories with different voting rights, giving directors more say in acquisitions, and even leaving the door open for a stock market listing, though only after five years.
Amid the battle for inheritance, it will still take time to get a clear picture of who will get what and how much from Giorgio Armani’s USD 12.1B fortune.
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