The Italian news agency AGI has confirmed the death of Giorgio Armani. The iconic Italian designer has died at the age of 91 and his passing has shocked the world of fashion and luxury. Armani has been synonymous with style, elegance, and modernity, and for decades he has represented the essence of Italian design.
His vision has marked a turning point in international fashion. He has not only been a brilliant designer, but he has also shown himself to be a shrewd businessman. He has personally run his empire with a firm hand, and Giorgio Armani's company has billed around €2.3 billion ($2.7 billion) per year.
Until his death, Armani owned 99.9% of the company and the remaining 0.1% has been in the hands of the Armani Foundation. According to Forbes, the brand has been valued at $11.2 billion. This is a truly staggering figure.
Giorgio Armani has three potential heirs among his siblings' children
Armani has not had children and has not left a clear succession. His inheritance has been surrounded by questions. Who will inherit such a fortune?
It is known that he has had three nieces. Roberta and Silvana, daughters of his brother Sergio, who has already passed away, and Andrea, daughter of his sister Rosanna. These three names are strongly mentioned as possible heirs; however, nothing has been officially confirmed yet.
The structure of his legacy has caused uncertainty, and for years, there has been speculation about his succession plans. Armani has always been reserved about his private life. He has also been reserved about his business decisions.
The Armani Foundation could play an important role. It has been created to preserve his legacy. However, it has not been specified whether in the future it will manage part of the inheritance or the company of its founder.
The death of Giorgio Armani has raised many questions, and not only about his fortune. There are also questions about the future of the brand that bears his name. Will the company remain independent? Will it keep its identity without him?
Giorgio Armani wanted his legacy to stay alive after his death
The only clear thing is the colossal value he has left behind. Armani has built an empire and he has done it from scratch, with talent and vision. His economic and artistic legacy is unquestionable.
The world of fashion has lost one of its great legends, but his name will remain alive. On the runways. In the stores and, above all, in history.