End of an era: After Armani, Italian fashion houses are in flux

THE first Milan Fashion Week without Giorgio Armani marks the end of an era in Italian luxury, at a time when houses across the sector are already in transition.

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After defending his independence throughout his life, the legendary designer, who died this month aged 91, has entrusted his heirs with the task of selling his group.

He cited French companies L'Oreal and LVMH as potential buyers of his multi-million-euro empire, which spans from hotels to haute couture, as well Franco-Italian eyewear giant EssilorLuxottica.

Failing that, his will states the company should be listed on the stock market.

This year also saw the departure of Donatella Versace from the house she ran for three decades, shortly before it was acquired by Prada.

"These are the last years of the first generation of Italian designers. We're in the middle of a major reshuffle," the manager of a major Milanese house said this week on the margins of fashion week.