What will become of Armani’s empire?

The fashion icon, who died Thursday, left no children and his successor remains unclear

- ELISA ANZOLIN MILAN (REUTERS)

Giorgio Armani established one of the world’s best-known fashion brands over the past five decades, and his death inevitably raises questions about the future of an Italian company whose independence he cherished.

Giorgio Armani, who died on Thursday at the age of 91, was the sole major shareholder of the company he set up with his late partner Sergio Galeotti in the 1970s and over which he maintained a tight rein — of both the creative and managerial aspects — until the very end.

He has left behind no children to inherit the business, which generated relatively stable revenue of €2.3 billion ($2.7 billion) in 2024, but whose profits had shrunk amid a broad industry recession. Despite the slowdown, the company remains extremely attractive, say industry experts like Mario Ortelli, managing partner of luxury adviser Ortelli&Co.

“Could Giorgio Armani be an interesting target? The answer is absolutely yes — it's one of the most recognised brands in the world, with a stylistic vision that is clearly and uniquely defined,” said Mr Ortelli, adding however that a deal in the midterm would be unlikely.

Over the years, the maker of popular unstructured suits received several approaches, including one in 2021 from John Elkann, scion of Italy's Agnelli family, and another from luxury brand Gucci, when Maurizio Gucci was still at the helm.

Mr Armani, who industry insiders say was particularly wary of French rivals, repeatedly ruled out any potential deal that would have diluted his control and refused to list his group on the stock market.