Born into a modest northern Italian family, Armani evolved into one of the world’s wealthiest individuals and Italy’s fourth richest person with an estimated net worth of $11.8 billion according to Forbes magazine.
The group’s extensive retail network comprises over 600 stores worldwide distributing multiple brand lines including Giorgio Armani, Emporio Armani, A|X Armani Exchange and EA7.
Armani’s sporting interests included ownership of the Olimpia Milano basketball team while he designed formalwear for Juventus and the Italian national football team.
Italian media reports indicate a new corporate statute prepared since 2016 would establish six share classes with specific voting rights and governance privileges upon his death.
Key figures include nieces Silvana and Roberta Armani, nephew Andrea Camerana, sister Rosanna Armani and his right-hand man Leo Dell’Orco.
The designer owned numerous luxury properties across Italy and internationally beyond his primary Milan residence on Via Borgonuovo.
Days before his death, Armani completed acquisition of the legendary Capannina di Franceschi club in Forte dei Marmi where he met partner Sergio Galeotti, with whom he established Giorgio Armani in 1975.
His death raises fundamental questions about the future direction of a company so intrinsically linked to one individual’s vision and leadership.
Solca confirmed significant acquisition interest exists for the group though succession plans will determine whether any ownership transition occurs.
Armani’s group reported a 6% revenue decline in 2024 yet continued substantial investment with 332 million euros allocated to store renovations in New York and Milan plus a new Paris location.
Armani himself articulated this philosophy earlier this year, expressing conviction that consistency and continuity represented the optimal approach for enduring success. – AFP
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