The fashion industry, the world, has lost a legend in the passing of Italian designer Giorgio Armani, the King of Italian fashion who reshaped fashion for men and women and became synonymous with red carpet dressing. He was 91. A statement from his company issued on September 4 from Milan read: "With infinite sorrow, the Armani Group announces the passing of its creator, founder, and tireless driving force: Giorgio Armani, adding: "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."
Early life
Armani was born on July 11, 1934 in Piacenza, a town on the Po River about 45 miles south of Milan, to father Ugo Armani, who was employed before and during World War II as a clerk in the offices of the local Fascist party, per the New York Times, and mother Maria Raimondi. When he was not yet ten years old, he was severely burned shortly after the Second World War ended, when a live mine detonated on a street near his home and set him on fire, and he spent six weeks being treated for it.
© GettyFashion played no part of his life in his teens and 20s, having briefly studied medicine at the University of Milan before joining the army, until 1957, when he landed a temporary job at the Milan department store La Rinascente as an assistant photographer and window dresser, eventually, quickly, being promoted to buying supervisor.
By 1964, he led Hitman, a Cerruti line of men's clothes, and in 1975, with the encouragement of Sergio Galeotti, an architectural draftsman he met in the 1960s at the discothèque La Capannina di Franceschi, who later also became his lover, he launched his own brand, initially named Giorgio Armani S.p.A., along with his seminal unlined jacket, a staple of both men and later women's dress, and prominently featured in movies like 1980's American Gigolo with Richard Gere, for whom Armani designed his wardrobe.
© Getty ImagesHis net worth
That brand, which has been worn by countless Hollywood stars and beyond, today generates some 2.3 billion euros ($2.7 billion) in annual turnover, per Reuters. Mr. Armani himself is #208 on Forbes' list of billionaires, with a whopping $12.1 billion net worth, up from $5.4 billion in 2020.
The Armani brand is extensive; spanning not only fashion as well as perfume, accessories, and beauty, but also interior design, real estate, restaurants and hotels. The Armani brand includes Giorgio Armani, the high-end luxury line, Armani Privé, which houses its haute couture collections, Emporio Armani, a more contemporary and accessible luxury brand, and A|X Armani Exchange, an entry-level, trendy brand. There's also the Armani/casa homeware brand, plus the Armani Ristorante on New York's Madison Avenue, as well as two hotels, in Milan and Dubai.
© WireImageSuccession plan
Armani never married nor had any kids; instead, HD Claims legal expert Adam Jones says: "He made meticulous preparations years in advance to secure his legacy. The Giorgio Armani Foundation, which he established in 2016, is expected to play a central role in overseeing the company and protecting its independence. The Foundation will also support charitable and social causes in line with his wishes. Beyond that, wealth distribution will likely extend to close family members, including nieces, nephews, and other designated heirs, according to the succession plan laid out in his will."
© Getty"In high-value estates like this, clarity is crucial. Armani's decision to set up a foundation not only safeguards the business from external buy-outs but also minimizes the risk of disputes among family members. By doing so, he has effectively ensured both corporate stability and the preservation of his creative vision," he further notes.
