Legendary fashion icon Giorgio Armani died last week at the age of 91 in the United Kingdom. However, the huge fortune he left behind since his demise has rather dominated the headlines.
Adam Jones, a legal expert at HD Claims, explained: “Giorgio Armani’s personal wealth is estimated at around £9 billion, making him one of the wealthiest men in Italy at the time of his death. Unlike many fashion houses that sold stakes to conglomerates, Armani remained the sole shareholder of the Armani Group. This ensured he retained full independence and control until the end of his life.
“Armani never married and had no children. Instead, he made meticulous preparations years in advance to secure his legacy. The Giorgio Armani Foundation, which he established in 2016, is expected to play a central role in overseeing the company and protecting its independence.
“The Foundation will also support charitable and social causes in line with his wishes. Beyond that, wealth distribution will likely extend to close family members, including nieces, nephews, and other designated heirs, according to the succession plan laid out in his will.”
Giorgio was born in Piacenza, Italy, in 1934. Attending the University of Milan, he studied medicine before leaving and joining the army. After leaving the army, he began on the path to becoming a world-renowned fashion designer.
A pioneering presence in the fashion industry, his company is now worth billions. He worked with some of the biggest names in Hollywood, including George Clooney, Cate Blanchett and Julia Roberts, and his designs were regular fixtures on red carpets all around the world.
In a statement released after his death, the Armani Group announced that Giorgio had died at home
“With infinite sorrow, the Armani Group announces the passing of its creator, founder and tireless driving force: Giorgio Armani,” the statement read.
“Il Signor Armani, as he was always respectfully and admiringly called by employees and collaborators, passed away peacefully, surrounded by his loved ones. Indefatigable to the end, he worked until his final days, dedicating himself to the company, the collections and the many ongoing and future projects,” it continued.
Jones explained: “Giorgio Armani’s personal wealth is estimated at around £9 billion, making him one of the wealthiest men in Italy at the time of his death. Unlike many fashion houses that sold stakes to conglomerates, Armani remained the sole shareholder of the Armani Group. This ensured he retained full independence and control until the end of his life.
“Armani never married and had no children. Instead, he made meticulous preparations years in advance to secure his legacy. The Giorgio Armani Foundation, which he established in 2016, is expected to play a central role in overseeing the company and protecting its independence.
“The Foundation will also support charitable and social causes in line with his wishes. Beyond that, wealth distribution will likely extend to close family members, including nieces, nephews, and other designated heirs, according to the succession plan laid out in his will.”
