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Giorgio Armani dies aged 91: Who inherits his $12.1 billion fortune?
Although the designer had not publicly named a sole heir, industry speculation has centred on Pantaleo Leo Dell’Orco, a long-time associate, as his likely successor.
Although the designer had not publicly named a sole heir, industry speculation has centred on Pantaleo Leo Dell’Orco, a long-time associate, as his likely successor.
Giorgio Armani, one of the most influential figures in global fashion, has died at the age of 91, his company confirmed on Thursday. The Italian designer leaves behind not only a towering creative legacy but also an empire valued at $12.1 billion, according to Forbes.
Armani’s business encompassed clothing, accessories, home furnishings, perfumes, cosmetics, books, flowers and even chocolate brands. The company generated approximately €2.3 billion ($2.7 billion) in annual turnover, cementing his position as one of the world’s top 200 billionaires.
Attention now turns to the question of succession. Armani, who never married and had no children, had already detailed his plans for the future of the company. Speaking to the Financial Times in August, he revealed that he intended for leadership to remain within his trusted inner circle of collaborators and family members.
“My plans for succession consist of a gradual transition of the responsibilities that I have always handled to those closest to me,” Armani explained. “I would like the succession to be organic and not a moment of rupture. My greatest weakness is that I am in control of everything.”
Although the designer had not publicly named a sole heir, industry speculation has centred on Pantaleo Leo Dell’Orco, a long-time associate, as his likely successor. Dell’Orco was widely regarded as Armani’s most trusted collaborator.
Several members of Armani’s family also hold senior positions within the business. His younger sister, Rosanna, along with his nieces Silvana and Roberta, and his nephew, Andrea Camerana, are all actively involved in the company’s operations. Their presence is expected to ensure that Armani’s vision and ethos continue to guide the brand in the years ahead.
The fashion icon’s passing marks the end of an era. Known for revolutionising menswear and defining understated luxury in womenswear, Armani’s designs became synonymous with elegance, simplicity and timeless sophistication. His succession plan now faces its first test as the brand prepares for life after its visionary founder.
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