STORY: Designer Giorgio Armani has left behind an enduring legacy in fashion and a world-established brand spanning over fifty years.
But his death raises questions about the future of the Italian company he kept fiercely independent.
:: What will happen next?
Armani, who died at 91, was the sole major shareholder of the company.
And he maintained a tight rein, both creatively and managerially, until the very end.
Armani’s combined flair and business acumen saw the company generate around $2.7 billion in annual turnover.
While profits shrunk during a broader recession, industry experts say the global brand remains extremely attractive.
WWD’s style director Alex Badia said this is because its identity remains so powerful.
“His legacy is so, so strong. His vision’s so unique that I don’t think they need a new designer face. They just need to continue the brand, the legacy.”
Armani had no children – but is survived by members of his family and long-term colleagues who worked closely beside him.
Despite the brand’s allure, experts say a deal in the mid-term would be unlikely.
Armani drafted new company bylaws due to take effect upon his death.
It outlined governing principles for beneficiaries, including “a cautious approach to acquisitions”.
More clarity on his plans may emerge in the coming weeks, when Armani’s will is opened.
:: Armani’s foundation
The designer set up a foundation in 2016 to guarantee smooth succession and the company’s continued independence.
Which, he said a year later, would be run by three nominees he’d designated.
He added after his death, the foundation would get a larger share of the company – alongside other heirs.
:: Armani moving forward
Having voiced his desire for close colleagues and family to take over, roles that will need to be filled are chairman and CEO.
Picking the right creative structure may be trickier.
Especially, said Badia, due to his high-concept approach to the brand.
“The idea that you not only wear Armani, but you eat in Armani plate, you eat Armani chocolates, you sit in an Armani chair. It’s a whole world. And then the fact that he opened even hotels that now it seems to be the thing to do, but he did it back then. He was the first.”
Armani had a collaborator on both his women’s and men’s collections.
And experts say that there could be multiple creative leads – instead of one visionary.
