02:55 pm
What’s the story
Giorgio Armani, the 90-year-old founder of the famous Italian fashion brand, has announced his intention to retire in the next two to three years.
Speaking to Italy‘s Corriere della Sera newspaper, Armani said he would step back from his leadership role at the company.
He said, “I can still give myself two or three years as head of the company. Not more, it would be negative.”
Speculation
Retirement sparks speculation about brand’s future
Armani’s impending retirement has raised questions about the future of his fashion empire.
The industry is ruled by luxury conglomerates like LVMH and Kering, making independence seem impossible.
Although he has been approached by “slightly more insistent” potential outside investors, Armani sees “no openings” at the moment.
He even confessed to having restless nights dreaming of a future without the burden of decision-making.
Succession
Armani has prepared a succession plan
Armani revealed that he has devised “a kind of structure, a project, a protocol” for his succession but did not elaborate.
According to reports, a document kept by a notary in Milan details future governing principles for those who will inherit the group. Another document tackles job protection issues within the firm.
His heirs will include his sister and three other family members involved in the company, long-term collaborator Pantaleo Dell’Orco, and a charitable foundation.