What happens to Giorgio Armani's multi billion-dollar empire and who will inherit it?

Dubai: Italian fashion icon Giorgio Armani has died at the age of 91, his company announced.

Armani, who built one of the world’s most enduring luxury brands, leaves behind not only a style legacy but also a vast business empire spanning fashion, hotels, and lifestyle ventures.

According to Bloomberg, Armani’s privately owned company generated about $2.7 billion in revenue in 2024. Analysts estimate its market value at $8–11 billion if it were publicly traded.

In the same year, Armani invested a record $389 million into renovating flagship stores and expanding e-commerce operations.

Reuters reported that the group recorded EBITDA of $468 million in 2024, a 24% drop compared to 2023. Net income before tax stood at $87 million, with cash reserves of $668 million at year’s end.

In 2024, Forbes estimated Armani’s fortune at around $12 billion, while other outlets placed it between $8–11.5 billion, depending on valuation methods. Armani, who kept tight control of his company, often downplayed public net worth estimates.

Armani never married and had no children. Succession planning for both his company and personal fortune has long been in place.

According to Fashion United, almost all ownership of Giorgio Armani S.p.A. will remain under the Giorgio Armani Foundation, created to secure the brand’s independence and stability. His sister Rosanna, nieces Silvana and Roberta, and nephew Andrea Camerana are expected to continue their roles, alongside trusted executive Pantaleo “Leo” Dell’Orco, Armani’s longtime creative partner.

NSS Magazine reported that Armani’s personal fortune—estimated between $8–13 billion—will also be managed through the foundation, with funds reinvested in the company or directed to causes that reflect his values.

Armani changed global fashion with his minimalist tailoring and timeless designs, making power dressing a cultural phenomenon. Beyond clothing, his empire expanded into hotels, lifestyle products, fragrances, and real estate.

Even in later years, his business remained resilient, thanks to strong cash reserves and strategic investments in retail and digital growth.