Italian fashion designer Giorgio Armani, who celebrated his ninetieth birthday a few months ago, is considering the possibility of selling his company or listing it on the stock exchange once he steps down. While Armani has always been a proponent of maintaining the independence of his group, he recently acknowledged in an interview with Bloomberg that he cannot rule out any options for the future. He mentioned that independence from large conglomerates may still be a core value for the Armani Group, but he is open to exploring different possibilities.
Regarding large luxury groups acquiring Italian brands, Armani commented that these conglomerates have been eyeing more historic brands. While acknowledging the potential benefits of such acquisitions, Armani emphasized the importance of succession planning. He believes that a group of trusted individuals chosen by him would be the ideal solution to ensure the continuation of his legacy.
Giorgio Armani ranks 176th on Forbes’ list of the world’s wealthiest individuals, with an estimated net worth of 11.2 billion dollars. In 2022, the Armani Group reported a significant increase in revenue, reaching 2.35 billion euros, with a boost in operating profit as well. Despite not having children, Armani indicated that the leaders of his Group’s Foundation would play a crucial role in shaping the future of the company, emphasizing the importance of having trusted individuals close to him.
Reflecting on his humble beginnings as a fashion house founder, Armani expressed his hope that Italian fashion would continue to embody values of craftsmanship and industriousness. He emphasized adaptability as a defining characteristic of Italians and underscored its potential for growth and innovation in the industry through his Foundation and trusted leadership team.
In conclusion, Giorgio Armani’s legacy will live on through his foundation and trusted leadership team while ensuring continued success and evolution in Italian fashion industry through adaptability and innovation values instilled by him.
