Italian fashion icon Giorgio Armani has died aged 91 as he leaves behind an eye-watering fortune thanks to his impressive career but he had no children to pass down his wealth to
Fashion designer Giorgio Armani is set to leave a staggering fortune following his death aged 91. The world famous Italian designer died “peacefully surrounded by his loved ones.”
His team released a poignant statement following his death as they added he had been working right up until his death. They said: “With infinite sorrow, the Armani Group announces the passing of its creator, founder, and tireless driving force: Giorgio Armani.
“Il Signor Armani, as he was always respectfully and admiringly called by employees and collaborators, passed away peacefully, surrounded by his loved ones. Indefatigable to the end, he worked until his final days, dedicating himself to the company, the collections, and the many ongoing and future projects.”
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In 1966, Armani met Sergio Galeotti, who was a young apprentice architect. He soon abandoned his own career and started to work alongside Armani as well as embarking on their love story.
Tragically in 1985, Sergio died of an Aids-related illness at the age of 40. Armani was asked about the greatest failure of his career in a rare interview. “Not being able to stop my partner dying,” he answered.
Armani had no family to keep him occupied so he threw himself into work. With an empire of more than £7.44bn at the time of his death, his work expanded beyond clothes to home furnishings, perfumes, books, flowers, bars, clubs, and restaurants.
He was also a revered businessman, with his company bringing in more than £2bn a year. While Armani had no children, he was a brother to Rosanna Armani and Sergio Armani.
Last year, it was reported by the Luxury Tribune that Armani owned 99.9% of the group, while the Giorgio Armani Foundation held 0.1%.
With no children of his own, the designer has no direct heirs, but three indirect ones. Nieces Silvana and Roberta Armani and his nephew Andrea Camerana, were already members of the Board of Directors.
Before his death, Armani had been unwell for some time and was forced to drop out of his group’s shows at Milan’s Men’s Fashion Week in June. It was the first time in his career that he had missed one of his catwalk events.
Armani’s funeral details have been announced. “The funeral chamber will be set up from Saturday, September 6th to Sunday, September 7th, and will be open from 9 a.m. to 6 p.m., in Milan, at Via Bergognone 59, inside the Armani/Teatro. In accordance with Mr. Armani’s explicit wishes, the funeral will be held privately.”
In the statement announcing Armani’s death, his team and family added: “Over the years, Giorgio Armani has crafted a vision that expanded from fashion to every aspect of life, anticipating the times with extraordinary clarity and pragmatism. He has been driven by relentless curiosity and a deep attention to the present and to people.
“Along this journey, he established an open dialogue with the public, becoming a beloved and respected figure for his ability to connect with everyone. Always mindful of the needs of the community, he has been active on many fronts, especially in support of his beloved Milan.
“Giorgio Armani is a company with fifty years of history, built with emotion and patience. Giorgio Armani always made independence – of thought and action – his hallmark. The company is, now and always, a reflection of this spirit. His family and employees will carry the Group forward in respect and continuity of these values.
“In this company, we have always felt like part of a family. Today, with deep emotion, we feel the void left by the one who founded and nurtured this family with vision, passion, and dedication.
“But it is precisely in his spirit that we, the employees and the family members who have always worked alongside Mr. Armani, commit to protecting what he built and to carrying his company forward in his memory, with respect, responsibility, and love.”
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