Giorgio Armani has changed his mind about passing down his fashion enterprise to a successor
The 89-year-old Italian fashion designer Giorgio Armani, who has steadfastly protected the independence of his premium company, is no longer discounting the idea of a sale or stock listing after he steps down from leading the fashion house that bears his name, according to AFP.
„I don’t think I can rule out any option, but independence from major groups could still be a guiding value for the Armani group in the future,” Giorgio Armani stated in a written interview with Bloomberg that was released on Friday.
„For now, I am not considering a purchase by a large luxury conglomerate, but I don’t want to exclude anything a priori, as that would not be a very entrepreneurial behavior,” he stated.
„We haven’t discussed it yet,” he stated, but „it is an option that could be considered, hopefully, in the distant future” in reference to a stock offering.
„A growing number of historic brands are being targeted by major groups,” bemoaned the seasoned Italian fashionista.
While this kind of sale „may ensure growth on the one hand, it inevitably leads to a change in values and significant upheavals, including in terms of style,” he said.
The French luxury conglomerate LVMH has acquired a number of Italian fashion firms, including Fendi, Bulgari, and Loro Piana, within the last 20 years. With the chance to acquire 100% of Valentino, the competing group Kering purchased Gucci.
In response to a question concerning his successor, Giorgio Armani states that „a group of trusted people who are close to me and whom I have chosen” would be the greatest option.
The founder of the organization, Leo Dell’Orco, who assisted Giorgio Armani in running his business for many years, as well as his nieces Silvana and Roberta Armani and nephew Andrea Camerana, were all mentioned by the childless designer.
„The foundation will decide and manage the future of the Armani group, as the people closest to me are in charge of it,” stated Giorgio Armani.
The Armani group’s operational profit (Ebit) rose by 30% to 202.5 million euros in 2022, while its turnover increased by 16.5% to 2.35 billion euros.
