Giorgio Armani, Fashion Icon, Passes Away at 91: Future Uncertain

Giorgio Armani, the legendary fashion designer who shaped the industry for over five decades, passed away on September 4, 2023, at the age of 91. Renowned for dressing celebrities and royalty alike, Armani leaves behind a vast cultural and business legacy, including a fashion empire valued at billions.

His family released a heartfelt statement, reflecting on the profound impact he had on their lives and the company. They expressed their commitment to continuing his vision, stating, “In this company, we have always felt like part of a family…we commit to protecting what he built and to carrying his company forward in his memory with respect, responsibility, and love.”

Italy’s Prime Minister, Giorgia Meloni, also paid tribute, calling him “an icon” who brought elegance and creativity to Italian fashion. The news of his passing has left the fashion world in mourning, with many acknowledging that his death signifies a generational shift in the Italian design landscape. Fashion editor Paola Pollo remarked that Armani was the last of the Italian fashion greats and that change is inevitable for Italy’s design future.

As the fashion community reflects on Armani’s contributions, questions arise about the future of the empire he built. With no children, the question remains: who will inherit his wealth and legacy?

Born on July 11, 1934, in Piacenza, Italy, Armani had a challenging early life marked by scarcity. His father worked as an accountant, and during the postwar years, he faced significant hardships. Initially aspiring to become a doctor, he soon found his true calling in fashion after working as a window dresser and a designer for Nino Cerruti.

In 1975, at the age of 41, he launched his brand, Giorgio Armani S.p.A., along with his partner Sergio Galeotti. The brand gained international fame in the 1980s when Richard Gere wore Armani suits in the film “American Gigolo,” which helped solidify the brand’s status in the luxury market. Over the years, his designs attracted numerous A-list celebrities, making Armani synonymous with both red carpet glamour and everyday sophistication.

Armani expanded his brand beyond clothing to include perfumes, eyewear, and various lines such as Emporio Armani and Armani Exchange. His business reportedly generated annual revenues of around €2.3 billion (approximately $2.7 billion), and despite recent industry challenges, experts believe the company remains highly valuable.

In addition to fashion, Armani ventured into hospitality, creating a successful network of hotels, restaurants, and bars that mirror the elegance of his clothing line. His flagship project, the Armani Hotels, was developed in partnership with Emaar Properties in Dubai.

Armani’s influence extended to sports as well, designing suits for the Chelsea Football Club and the English national team, as well as the uniforms for Italy’s Olympic team in 2012. He maintained an active role in his companies until his passing, building an empire that redefined luxury.

According to Forbes, Armani was ranked 208th among billionaires with a net worth of $12.1 billion, a significant increase from $5.4 billion in 2020. He was the third-richest Italian, following Giovanni Ferrero and Andrea Pignataro. His wealth stemmed not only from his fashion empire but also from investments in luxury hotels and real estate, as well as ownership of the renowned basketball team Olimpia Milano.

Despite his immense success, Armani never married, and the death of his partner Galeotti at age 40 left him without children. However, he had established a succession plan shared with the Financial Times. He expressed a desire for a gradual transition, stating, “My plans for succession consist of a gradual transition of the responsibilities that I have always handled to those closest to me.”

The potential successors include his nieces, Silvana and Roberta Armani, his nephew Andrea Camerana, and his long-time collaborator Pantaleo Dell’Orco. Silvana has worked closely with Armani, managing the womenswear collections, while Roberta has directed public relations and facilitated high-profile events, including the wedding of Tom Cruise and Katie Holmes in 2006.

Andrea joined the company in 2000 and has focused on sustainability initiatives, while Dell’Orco has been a pivotal figure in the company since 1977, often seen alongside Armani at significant events. Following Armani’s absence from the Milan Fashion Week menswear show in 2025, Dell’Orco took the lead, showcasing the support system in place.

Armani’s will stipulates a five-year period during which no major mergers or initial public offerings (IPOs) are to occur, ensuring stability for the brand. This decision appears to be a protective measure against potential acquisitions by larger entities such as LVMH or Kering.

The future of the Armani brand remains uncertain, but those who take the reins face the daunting task of upholding the legacy of a designer celebrated by icons like Julia Roberts, Cindy Crawford, and Victoria Beckham. As the world grapples with the loss of a fashion legend, the next chapter for the Armani empire is yet to unfold.