With no child and no wife, the billion-dollar question looms large as Giorgio Armani, the visionary behind a multi-billion-dollar fashion empire, passes away at the age of 91. So, who will inherit his empire?
Giorgia has been quite private about his love life. He was only ever known to have had two significant relationships: one with Sergio Galeotti and another with Leo Dell'Orco. Both were professionally bound to the designer.
A deeply private individual, the man devoted his life to fashion. He never married and had no children. By the time of his death, his net worth was estimated at over $10 billion.
In 2016, Giorgio founded the Giorgio Armani Foundation to ensure his fashion house would continue exactly as he envisioned, even after directing heirs to inherit it. The Foundation was established to safeguard the governance of his empire and maintain its independence — a rare step in an industry often ruled by luxury conglomerates.
He also set detailed bylaws outlining future governance, including cautious acquisition strategies, split share classes with different voting rights, and a stipulation that any public listing must be delayed for at least five years after his death.
Even though he does not have a family of his own, his family members, including his younger sister, Rosanna, his nieces, Silvana and Roberta, and his nephew, Andrea Camerana, are set to look after the brand under the Foundation’s oversight.
As of now, no single successor has been publicly named yet, but his family is expected to lead, along with some trusted executives.
Who may be a part of Armani's future board of directors?
This may include Pantaleo “Leo” Dell'Orco, Armani’s longtime head of menswear and right-hand creative partner, who has worked with the designer for over 45 years. Other key figures in the company include Rosanna Armani, Giorgio’s sister, as well as his nieces Silvana, head of women’s design, and Roberta, global and VIP communications director, and his nephew Andrea Camerana. All of them hold senior roles within the Armani empire.
In several interviews, Armani has emphasised his wish for an “organic” transition of leadership, ensuring there is no abrupt disruption to his legacy. He has stated that responsibilities will gradually pass to these trusted individuals over time.
To secure the future of his company and avoid internal conflict, Armani has meticulously structured its governance through his will and updated company bylaws. These rules divide share capital into distinct voting categories, require board approval before any future stock market listing, and mandate that any public listing be delayed for at least five years after his death.
Giorgia Armani was born in Piacenza, Italy, in 1934, where he began his career as a window dresser before entering the world of fashion design. In 1975, he launched his own label, Armani S.p.A., which quickly took over the world and adorned the closets of many Hollywood stars.