MILAN — With the death of Giorgio Armani at 91, the future of his independent fashion empire now hinges on the governance structure he put in place years ago. Rather than leaving control to a conglomerate, Armani established the Giorgio Armani Foundation in 2016 to protect the brand's autonomy.
Armani, who remained the sole shareholder of his private company—a group that generated about €2.3 billion ($2.7 billion) in 2024—drafted bylaws anticipating his passing. These guidelines limit acquisitions, restrict stock listings, and empower multiple classes of shares under cautious financial stewardship.
