Armani considers creating a foundation to secure family ownership
To avoid a take over or an IPO of his fashion group which he founded in 1975, Giorgio Armani is considering creating a foundation that would include his heirs. In an interview to Corriere della Sera, Giorgio Armani stated his firm belief about the future of his company: ”To give up control of my company to a group or investment fund which would then seel it after two years? Or selling to a private individual who thinks he can treat clothing like cars? It does not interest me!”
“I work in the future of my business. I began a major restructuring: the external support of a foundation that will allow persons designated to manage the group,” said the sole owner of the famous brand, without giving further details.
This option would maintain the control of the group in the hands of people who are trusted by Giorgio Armani, his heirs and members of his staff, the newspaper said without elaborating. Giorgio Armani, 78 in July, has never considered an IPO and he has always maintained total control.
The Armani Group achieved in 2011 a turnover of 1.8 billion euros (up 14%) and has a strong treasury liquidity which allows it to independently finance its strong annual growth. Speaking about Italy’s politics and the economy Armani added: “I think we are heading towards a dangerous situation. Sometimes I plan to leave the country, but ultimately I know I never will. I also want to do something to revive this country”.