By Marni Rose McFall
Reporter
0
Share
Newsweek is a Trust Project member
See more of our trusted coverage when you search.Prefer Newsweek on Googleto see more of our trusted coverage when you search.
The visionary designer Giorgio Armani has died at the age of 91, the Armani Group confirmed in a statement.
The Context
"With infinite sorrow, the Armani Group announces the passing of its creator, founder, and tireless driving force: Giorgio Armani," the Milan-based fashion house said.
Read More on News
...
Armani had been in declining health. A public funeral chamber will be held this week in Milan, and a private ceremony will follow.
What Was Giorgio Armani Known For?
Armani is credited with changing the face and shape of the fashion industry, one he went on to dominate for decades, and was renowned for a softened, minimalist, high-end aesthetic, as well as pioneering both red-carpet fashion and the intersection between fashion and celebrity.
Armani had long been known for being fiercely defensive of his brand's independence and oversaw all of the creative direction of the brand up until his death.
...
He was one of the first designers who viewed dressing Hollywood celebrities as part of the job of a designer, and costumed more than 200 films over five decades, including the iconic titles American Gigolo (1980), Martin Scorsese's Goodfellas (1990), and The Wolf of Wall Street (2013).
What Was Giorgio Armani's Net worth?
According to Forbes, he had a net worth $12.1 billion. At the cornerstone of his wealth is the Giorgio Armani fashion empire, which was founded in 1975. Prior to his death, he was both the CEO and sole shareholder of the company.
The Armani business had expanded into music, sport, and Italian luxury hotels. He was the owner of the Italian basketball club Olimpia Milano, had investments in luxury hotels, real estate holdings, and was the owner of a 200-foot yacht.
The Armani Group, which includes the Giorgio Armani brand, Emporio Armani, and A|X Exchange, reported a revenue of $2.3 billion in 2024.
Who Will Inherit Giorgio Armani's Empire?
Armani had no children. Prolifically private about his personal life, in a Vanity Fair article published in 2000, he said, "I have had women in my life. And sometimes men...To do this work one must have a free mind. Often, one doesn't have the time to worry about others," he told the outlet.
Shortly before his death, he outlined the succession plan of his business during an interview with the Financial Times. He told the outlet, "My plans for succession consist of a gradual transition of the responsibilities that I have always handled to those closest to me...such as Leo Dell'Orco, the members of my family, and the entire working team."
...
This interview came after Armani had missed the brand's Milan Men's fashion week shows for the first time in June. Following this, he returned with a newspaper advertisement where he thanked the public for their support, and said that it "wasn't easy for me to not hear your applause live."
Armani noted in the interview that he wanted his succession to be "organic," and "not a moment of rupture."
As Armani had no heirs, there had long been speculation about what the future of the Armani empire would look like in the event of his passing. Back in 2016, Armani held a meeting to outline what would happen following his death, establishing new statutes for the group and dictating the principles that would define the future of the company.
Key heirs and stakeholders of the Armani fortune include members of his family, such as his sister, Rosanna; his nieces, Silvana, Roberta, and a nephew, Andrea Armani, who were involved in the Armani business.
Beyond his family, his heirs will include his long-term collaborator and right-hand man, Pantaelo Dell'Orco, and a foundation. This foundation was established in 2016 and plays a significant role in the preservation of Armani's legacy, following a model adopted by the luxury watchmaker Rolex. It is designed to protect the company.
Dell'Orco has worked alongside Armani for over four decades and is currently the Armani Group's head of men's style.
All of these future heirs are part of the company's board of directors, and, under the leadership of Rosanna Armani, have long been involved in the company's team.
According to a report from Reuters, bylaws established in 2016 outline the process for appointing style directors by the board. The bylaws also categorize the company's share capital into six separate categories, each with voting rights and corresponding powers.
Update 09/04/25 11:46 a.m. ET: This article has been updated with additional information.
View 0 Comments
Submit Correction
View Editorial & AI Guidelines