Armani's death puts luxury empire in the hands of heirs

Armani entrusted the future of Giorgio Armani SpA to close family members and associates

- Bloomberg

Giorgio Armani fought for decades to keep the fashion empire he founded independent, as Italian icons like Gucci and Fendi were snapped up by larger luxury chains. It will be his heirs who decide what the future will hold.

The Italian patriarch, whose death at age 91 was announced on Thursday, entrusted the future of Giorgio Armani SpA to close family members and associates who will map the next steps for a company he started in 1975.

A fierce protector of his empire during his long career, Armani told Bloomberg News last year he wouldn't rule out an IPO or a sale to a larger group once he was gone. Armani's estimated net worth of $9.4 billion represented mostly the value of his company.

The company on Thursday vowed to preserve his spirit of independence, collaboration and the vision Armani crafted that went beyond fashion, "anticipating the times with extraordinary clarity and pragmatism." While it offered no specifics about what comes next, it pledged to protect what Armani created and carry the company forward in his memory.