Giorgio Armani, fashion legend, dies at 91

Billionaire fashion designer Giorgio Armani has died at the age of 91. He is the founder of the Armani Group and had established multiple fashion brands under his flagship company Giorgio Armani S.p.A., like Emporio Armani, Armani Exchange and the luxury brand Giorgio Armani. The well-known Italian is known for his business acumen which fended off many competitors in the fashion industry. During a period of fashion industry consolidation in the 2000s, he successfully prevented merger attempts and kept the company independent. In 2021, he ruled out mergers with LVMH. Giorgio wanted to eventually move his business empire towards IPO which is yet to be seen if his executives will move towards, after his demise. He always had said that he wanted business independence to focus on the fashion and not get caught up on bureaucracy.

Giorgio Armani had already setup a clear succession plan before his death. He had established the the Giorgio Armani Foundation to hold a significant stake in his company. Remaining stake has been distributed to his family. He has no children but a couple of nieces and nephews as part of his family.

His company Giorgio Armani S.p.A. had a revenue of $2.1 billion in 2023. His net-worth was north of $9 billion in the same year. Although the company's revenues are high, it is his legacy that he had created as an Italian luxury brand that stands tall in-spite of his demise. During his death, we celebrate a legend and an industry titan.