Giorgio Armani, the legendary Italian designer who revolutionized fashion and built one of the world’s most powerful luxury empires, died at the age of 91 on Sept. 3. The Armani Group confirmed in a statement that the designer passed away peacefully at home surrounded by family and close friends.
The news comes just weeks before a planned 50th anniversary celebration of his iconic fashion house at Milan Fashion Week. Due to declining health, Armani had missed his recent Milan and Paris shows, Newsweek reported.
Armani’s passing leaves behind one of the biggest questions in fashion: Who will inherit his $12.1 billion fortune and control of the Armani empire?
Inside the Giorgio Armani Empire
Armani, who never married and had no children, was in a “lifelong partnership” with Pantaleo Leo Dell’Orco. Before his death, Armani had previously outlined his succession plan in an interview with The Financial Times. He revealed that leadership would transition “gradually” to those closest to him, such as trusted collaborators, key family members, and Dell’Orco, head of Armani’s men’s design.
“My plans for succession consist of a gradual transition of the responsibilities that I have always handled to those closest to me, such as Leo Dell’Orco, the members of my family and the entire working team,” Armani told The Financial Times. “I would like the succession to be organic and not a moment of rupture,” he said.
Dell’Orco, 72, who lived with Armani for many years, has been involved in the Armani company since 1977.
Armani founded his company with architect Sergio Galeotti in 1975. Galeotti was diagnosed with AIDS in 1984 and died the next year.
“After Sergio’s death, he has been the closest person to me,” Armani said of Dell’Orco to CNN in 2022. “He gave me an incredible psychological support, practical as well as workwise. First Sergio, then Leo.”
However, Armani’s family may also play a significant role. His nieces, Silvana and Roberta Armani, and nephew Andrea Camerana all hold senior positions within the company. Silvana heads the women’s collections, while Roberta serves as director of public relations and frequently represented her uncle at high-profile events.
Armani owned 100 percent of his namesake brand.
Outside of the business, Armani’s personal fortune includes lavish properties in Milan, Tuscany, St. Tropez, Antigua, and New York, a $60 million mega yacht, and ownership of the Italian basketball team Olimpia Milano.
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