Giorgio Armani to retire in two to three years

Giorgio Armani, who celebrated his 90th birthday on 11 July, gave a long, intimate interview to the Italian daily il Corriere della Sera on Sunday. In it, he recounted his youth, his first loves, fascism, post-war Milan, his friendships with the other giants of Italian fashion, his beginnings under the wing of Nino Cerruti and his consecration.

Armani subtly revealed his plans for the future of the house: to stay at the helm for another two or three years and then hand over the reins. To whom? Probably his niece Silvana and Leo Dell'Orco. Leo Dell'Orco is the loyal right-hand man of ‘re Giorgio’, having worked for the house since 1977. He is the director of the men's styling department for the Giorgio Armani, Emporio Armani and Armani Exchange collections and also sits on the group's board of directors.

Armani did not specify who would succeed him at the helm of the brand, but said he had built a ‘structure, a project, a protocol that will have to be followed by those who take my place in this adventure’. The designer confided that he was very much in demand from various investors for outside stakes, but said that he had not made any decisions in this direction for the time being. He even confided that Bernard Arnault had approached him long ago about a collaboration, but that he had declined.

He spoke of the philosophy that has preserved the brand from the difficulties encountered by the world of luxury goods, characterised by a complex economic climate: a philosophy based on prudence and small steps. ‘The others bet on China and lost 30% or 40% of sales; we were more restrained. The other big groups have art collections and are involved in culture, but I design clothes,’ concluded Giorgio Armani, emphasising that this is what remains essential for him.

With a fortune estimated at almost 11 billion euros, Armani is considered to be the third richest man in Italy in 2024. At the end of 2023, his group posted sales of €2.445 billion (up 4% on the previous year). Including revenues from Armani licences, the Group's sales at the end of the last financial year before the current one totalled around €4.5 billion.

The group has several brands, including the eponymous Giorgio Armani, Emporio Armani, a more casual and trendy label; Armani Exchange, a fast-fashion line aimed at a younger clientele; Armani Casa, dedicated to interior design items; and Armani Dolci, dedicated to the production of top-of-the-range pastries. The technical side of these brands is entrusted to the Italian company Venchi.

The group's distribution network is present in 46 countries, with 2203 points of sale. The designer owns 99.9% of the group, while the Giorgio Armani Foundation holds 0.1%. With no children of his own, the designer has no direct heirs, but three indirect ones: the sisters Silvana and Roberta Armani and his nephew Andrea Camerana, all of whom are already members of the Board of Directors.