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Giorgio Armani's death leaves a vacuum at the top of his billion-dollar luxury business, an independent empire he built up over 50 years spanning hotels to haute couture.Born into a modest family in northern Italy, Armani, who died on Thursday aged 91, became one of the richest men in the world and the fourth richest in Italy.His net worth was estimated at $11.8bn, according to *Forbes magazine.From his historic headquarters in Milan, Armani led an empire employing more than 9,000 staff at the end of 2023, and with revenues of €2.3bn ($2.7bn) in 2024, according to the group.More than 600 stores worldwide sell Armani brands under several lines: Giorgio Armani, Emporio Armani, A|X Armani Exchange, and EA7.The group also licenses eyewear from EssilorLuxottica, and perfumes and cosmetics from L'Oreal.Armani is also active in the hotel, restaurant and real-estate industries, with building collaborations in China, Miami and Brazil.A sports enthusiast, the designer owned the Olimpia Milano basketball team and designed formalwear for Juventus and the Italian national football team.Armani had no direct heirs, but he had long planned for his succession, keen for the integrity and independence of the group to outlast him.According to the Italian press, a new statute has been ready since 2016 for his death. It would see the creation of six classes of shares with specific voting rights and governance prerogatives.In this new structure, a central role is expected to be played by the Giorgio Armani Foundation, which holds 0.1% of the Armani group's capital, and by the designer's close relatives and friends.These include his nieces Silvana and Roberta Armani, his nephew Andrea Camerana, his sister Rosanna Armani, and his right-hand man Leo Dell'Orco."I would like the succession to be organic and not a moment of rupture," he told the *Financial Times in an interview published just days before his death."My plans for succession consist of a gradual transition of the responsibilities that I have always handled to those closest to me," he said, "such as Leo Dell'Orco, the members of my family and the entire working team".Armani owned numerous properties in Italy and abroad. In addition to his main residence in Milan, on Via Borgonuovo, the designer regularly sought refuge in his villa on the island of Pantelleria, in his summer residence in Forte dei Marmi, an upscale seaside resort in Tuscany, or in his "Villa Rosa", south of Milan.He had numerous other residences abroad, notably in France — in Paris and Saint-Tropez — and in Saint Moritz, Switzerland.A few days before his death, Armani completed the acquisition of the "Capannina di Franceschi", the legendary Forte dei Marmi club where he met his partner Sergio Galeotti, with whom he went on to found Giorgio Armani in 1975.Armani remained one of the few independent luxury groups, at a time when most designers were being bought out by conglomerates.After years under Armani's tight control, his death raises the question of what happens next to a company so closely associated with one man.Luca Solca, analyst at research group Bernstein, said the Armani group benefited from being "a little more universal" than others, attracting a wide audience, much like Ralph Lauren."There is certainly a lot of interest in acquiring the group — it remains to be seen if there are any sellers after the succession," he told AFP.It is a difficult time for the luxury industry, hit by slowing growth in China and the uncertain global economic outlook.The Armani group has not been spared, reporting a 6% drop in revenue in 2024.But Armani kept investing — €332mn over the year — notably renovating its stores in New York and Milan and opening a new one in Paris.It has also taken its online sales operations in-house."I am convinced that pursuing consistency and continuity, avoiding chasing immediate gains, is the best strategy to ensure success in the long run," Armani said this year.

Hundreds of people formed a silent queue Saturday in the heart of Milan's fashion district to pay their respects to Giorgio Armani, Italy's most famous designer, who died this week at the age of 91. The passing of Armani has sparked an outpouring of grief with tributes flowing in from Hollywood celebrities and ordinary people alike. Over a career spanning five decades, he built a business empire spanning from haute couture to home furnishing, with his name becoming synonymous with sober elegance."Everything he did in his life he did it out of passion," said Pier Carlo Bertoglio, who travelled from nearby Lodi to the Armani headquarters, where the body will be lying in state over the weekend before a private funeral today."Everyone here today should testify to the love they have received from him." John Elkann, the scion of Italy's prominent Agnelli family, and his wife Lavinia, were among the first visitors to reach the Armani "theatre" — the vast exhibition space inside the Armani headquarters where catwalk shows are held and where the wooden coffin topped with an arrangement of white flowers has been laid.Elkann, who heads the Agnelli family's investment vehicle Exor, had previously discussed a potential combination with Armani to create an Italian luxury goods conglomerate, including Exor-owned sports car maker Ferrari. The talks led nowhere.Armani, who had no children, has put in place measures to ensure continuity and independence for his business, which he ran with trusted family members and a network of long-time colleagues.Early visitors also included Milan Mayor Giuseppe Sala. Milan, the city, where Armani relocated with his family after World War Two, will hold a day of public mourning today."Milan is full of Armani 'signs', it would be impossible to forget him," Sala said. "His biggest legacy to the city I reckon is his profound belief in work as a means of self-realisation."People waited patiently under the trees that line the cul-de-sac where the Armani offices, designed by Japanese architect Tadao Ando, sit across from the Armani/Silos, a museum opened in 2015 to mark 40 years of his career and where the Armani Prive haute couture collections of the past 20 years are currently on display."When I grew up in China, Armani's name is equal to Italian," said Jonah Liu, who stood in the crowd, sporting an Armani t-shirt and holding a small bunch of white daisies."He turned Italian elegance into a global fashion grammar ... I'm obliged to come here to pay my tribute to him." In line with Armani's wishes, a separate entry was reserved for group staff."I'm one of his employees, so I'm sincerely attached to him," said Alessandra Caccavo, wiping away the tears with her fingers behind her sunglasses."He made sure we never wanted for anything ... he was exceptional, so hospitable, ... we would always see him in the offices, which means a lot when you think who he was."

Designer Giorgio Armani, who helped to put Italy at the forefront of global fashion and dressed Hollywood stars, has died at the age of 91, the company that he founded and led for five decades said Thursday. Armani combined the flair of a designer with business acumen as he directed a company generating some €2.3bn ($2.7bn) in annual turnover.The designer 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, the first time he had missed one of his catwalk events.