MILAN — With the death of Giorgio Armani at 91, the future of his independent fashion empire now hinges on the governance structure he put in place years ago. Rather than leaving control to a conglomerate, Armani established the Giorgio Armani Foundation in 2016 to protect the brand's autonomy.
Armani, who remained the sole shareholder of his private company—a group that generated about €2.3 billion ($2.7 billion) in 2024—drafted bylaws anticipating his passing. These guidelines limit acquisitions, restrict stock listings, and empower multiple classes of shares under cautious financial stewardship.
Those closest to Armani will play key roles in the company's next chapter. They include longtime aide and head of menswear Pantaleo "Leo" Dell'Orco, niece Silvana Armani overseeing womenswear, niece Roberta Armani managing entertainment and PR, nephew Andrea Camerana in sustainability, and his sister Rosanna on the board.
Analysts say the transition will test the foundation's ability to balance Armani's values with a need for fresh vision amid fierce competition. Though the bylaws permit a public listing, any such move would require broad directorial approval and likely be delayed by several years.
Armani's disciplined approach and aversion to ego-driven excess are expected to guide the foundation's execution of his legacy. As the fashion house proceeds without its founder, the surviving family members and close collaborators will determine if the brand can maintain relevance and independence.
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