The Future of Armani House in Question at Paris Fashion Week

Eva Morletto

By Eva Morletto24 janvier 2024

During Paris Fashion Week, speculations about the succession of Giorgio Armani are fueling discussions. However, the Armani house is displaying robust financial health with €2.35 billion in revenue in 2022 and carefully planning its future with posthumous directives.

Giorgio Armani's fortune is estimated to be $12.9 billion in 2024. Giorgio Armani Privé - Haute Couture Collection en Jeu Spring Summer 2024 from the show that just ended at Paris Fashion Week (Armani)

Haute Couture is taking the stage in Paris this week. Meeting specific criteria that set it apart from ready-to-wear, only the Fédération de la Haute Couture et de la Mode has the power to designate couture houses authorized to showcase their collections at this Fashion Week. Giorgio Armani Privé's runway show brilliantly concluded the second day at the Palais de Tokyo, drawing a crowd of celebrities such as Glenn Close, Gwyneth Paltrow, Juliette Binoche, Natalia Vodianova, and former footballer Ronaldo, who came to admire the 92 creations designed by the Italian designer.

Financially, the Armani Group is in excellent shape. Last May, the financial results for the 2022 fiscal year revealed €2.35 billion in revenue, representing a 16.5% increase over the previous year. In 2025, the Giorgio Armani house will celebrate its 50th anniversary, and its creator, Giorgio Armani, will reach the age of 91. Since the company's portfolio reorganization by management, focusing on its three flagship brands - Giorgio Armani, Emporio Armani, and Armani Exchange - financial results have been flourishing. Today, the question of the succession of the great designer, CEO, and sole shareholder of the house, who has always maintained close control over his company, is becoming increasingly relevant. With no direct heirs, there are many speculations about the future of the business. Will the Armani Group manage to maintain its independence despite the interest of major luxury conglomerates that would like to bring it under their umbrella?

In 2021, after abandoning negotiations with the powerful Agnelli family (Fiat), rumors circulated about a possible agreement between 'il re Giorgio' - as he is nicknamed - and François-Henri Pinault's Kering Group. However, nothing seems to have materialized since. Regarding the future of Armani, there is, nonetheless, a notarized document in Milan dating back to 2016, analyzed by Reuters, outlining Giorgio Armani's intentions for the future of the house, including conditions for going public or engaging in mergers and acquisitions after his passing. The designer specifies that going public could only occur five years after his death. Another document outlines measures to protect jobs within the company. These provisions stem from resolutions adopted at an extraordinary assembly convened by Armani in 2016.

As for potential heirs, his sister and three other family members, including his niece Roberta Armani, who handles relations with VIPs and celebrities, are mentioned. Pantaleo Dell'Orco, Giorgio Armani's longtime assistant, and a charitable foundation that already holds 0.1% of the capital of the group's controlling holding are also part of the equation. Giorgio Armani's fortune is estimated to be $12.9 billion by 2024.

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