Giorgio Armani not giving up control until he is alive
In a recent interview on the sidelines of his latest catwalk collection during Milan Fashion Week, Giorgio Armani, 81, told media: “While I am alive, there will be independence. Soon after, perhaps I will have prepared the ground for a type of independence that is more measured, more controlled.”
Giorgio Armani has no children, though his nephew and two nieces are on the board. Armani Group previously explored deals with Hermes International SCA and LVMH. His closely held private company had revenue of 2.5 billion euros ($2.8 billion) in 2014 from sales of such labels as Giorgio Armani, Armani Collezioni, AJ Armani Jeans and Emporio Armani. He also has a highly lucrative license agreement with L’Oreal for his fragrances and beauty products as well as a joint venture with Dubai’s Emaar for the Armani Hotels (Milan and Dubai).
“Being able to choose the light that you like in an office as much as designing an unruly or highly elegant collection, this is independence,” said Armani, who serves as owner, creative director and chief executive officer of the company he founded 40 years ago. “But you need means to maintain independence.”