For many years, Giorgio Armani has been eager to maintain a good grip on his eponymous trend firm.
However now, the practically 90-year-old Italian mogul is conserving his choices open about the way forward for the model he cofounded in 1975.
The high-end trend trade has been formed by many forces through the years, together with the rise of huge conglomerates that purchased fellow Italian manufacturers like Gucci and Versace. Via all of it, Armani has stayed unbiased, establishing itself as one of the vital influential manufacturers in Italian and world trend.
Because the founder considers his succession, he says he’s open to different concepts that’ll hold the model’s legacy alive—with or with out different luxurious behemoths.
“Independence from large groups could still be a driving value for the Armani Group in the future, but I don’t feel I can rule anything out,” Armani instructed Bloomberg in a written interview published Friday.
In his practically 50-year reign, Armani has amassed $6.6 billion in wealth, in line with the Bloomberg Billionaires Index. He’s Italy’s second-richest person, following the inheritor of the Nutella empire.
In 2022, the Italian group, which incorporates Giorgio Armani, Emporio Armani and Armani Change, made roughly $2.6 billion in income.
The CEO has lengthy dismissed retirement talks and stayed mum on a succession plan, regardless that there’s an excessive amount of curiosity surrounding it.
Whereas there are not any imminent plans for Armani to relinquish management of his trend empire, he revealed that he’s contemplating each possibility, together with being acquired. However Armani is anxious about that method—though it might probably assist develop the model, it’d result in a shift in its values and magnificence.
“I don’t currently envisage a takeover by a large luxury conglomerate,” he instructed Bloomberg. “Listing is something we have not yet discussed, but it is an option that may be considered, hopefully in the distant future.”
Vittorio Zunino Celotto—Getty Photos
What would possibly the succession appear like?
Armani has no children—however his sister, two nieces and nephew work intently with the model and maintain key roles on the firm. His long-time collaborator Pantaleo Dell’Orco and a charitable basis will seemingly get some share of the management from Armani, Reuters reported in November. There are additionally reportedly extra detailed plans about how model administrators at the company shall be appointed and its monetary future after Armani’s demise.
The place there are iconic manufacturers like Armani, any updates about their future are eagerly adopted.
The saga of long-serving luxurious firm leaders isn’t restricted to Armani. Bernard Arnault, the billionaire behind LVMH, prolonged the retirement age for CEOs at his firm to 80 in 2022, giving him 5 extra years in his position. Within the meantime, his kids have been elevated to key roles on the sprawling French firm. On Thursday, two of Arnault’s sons joined LVMH’s board along with his two different kids, consolidating the household’s management of the empire.
Given the historic legacy of such manufacturers, Armani mentioned he, too, prefers “a pool of trusted people” that he chooses to stay in charge of the corporate. Whereas they will not be him sooner or later, they’ll perceive what the Armani model stands for and replicate his success.
“I started out alone with a small company and have transformed it, piece by piece, into a group of international relevance,” he mentioned. “What has always characterized the success of my work is an ability to adapt to changing times.”
