With great sorrow, we share that Giorgio Armani, the legendary Italian fashion designer, has died. He took courageous decisions on the evolution of his business empire, revealed the Italian general La Repubblica. In a brilliantly chess like maneuver, he set the terms for his heirs to divest a 15% minority share of his world famous couture house. He is dead set on destroying his legacy for his empire. To accomplish this, he is empowering proven leaders with enormous swaths of his empire.
Armani’s longtime collaborator and head of menswear, Leo Dell’Orco, received control of 40% of the business, solidifying his role in the company’s future direction. This significant distribution is indicative of Armani’s faith in Dell’Orco’s creative vision and know-how with regards to the brand. The designer has issued non-voting shares to the family’s next generation. This latest move highlights the importance of family connections in his legacy.
His niece, Roberta Armani, and his sister, Rosanna Armani, each received a 15% non-voting share in the company. In addition, another niece, Silvana Armani, head of womenswear, was given a 15% share in the company. These shares signify the designer’s intention to keep the family involved in the brand’s operations and decision-making processes.
Armani gave away a 15% share to his nephew, Andrea Camerana. This decision deepens the focus on the family’s central place in the fashion dynasty. This action ensures that important family members have an interest in the business. While others may hold non-voting rights, it does little to counterbalance their sway over corporate decision-making.
Unlike other Italian fashion houses, Armani has told his heirs to sell a minority stake. This sale has raised a red flag among the industry’s heavy hitters. The French conglomerate LVMH, eyewear giant Essilor-Luxottica, and cosmetics company L’Oreal have all been given priority to purchase this 15% share. This likely sale would draw significant investor interest from those hoping to cash in on the global recognition earned by Armani’s brand.
The designer Giorgio Armani spent his public career chasing investors away. He uprightly refused to sell his brand or abandon his independence. With his death, a welcome change seems to be in the air. Recent Met developments indicate a departure from that approach. He’s deeply engaging those trusted souls in his legacy while creating an environment that invites and welcomes external investment.
