Armani’s empire will be transferred to his foundation

Giorgio Armani’s empire, which included fashion businesses, hotels, and restaurants and generated €2.3 billion in sales annually, will now be transferred to his Foundation. However there will be certain restrictions on how the shares will be divided. Armani passed away this Thursday at the age of 91.

The future Giorgio Armani Foundation’s statutes, which were agreed in an extraordinary meeting in 2016, were published in October 2023 by the Corriere della Sera newspaper. However, the newspaper did not clarify how the various types of shares would be distributed. Noting that this would undoubtedly be covered in the will.

However, his heirs are already represented on the foundation’s board of directors, which is headed by Irving Bellotti, the CEO of Rothschild Italia, his nephew Luca Camerana, and Pantaleo Dell’Orco. His life companion and right-hand man, according to the newspaper La Repubblica.

With 8,700 workers, 650 stores, hotels, restaurants, and clubs, the foundation will oversee a global brand. Among its properties is the ancient Capannina, one of Italy’s most well-known beach resorts, located in Forte dei Marmi, Tuscany.

With €2.3 billion in revenue at the end of 2024, the corporation has never stopped investing, spending €332 million last year, double the €168.5 million in 2023.

Armani, however, was always a cautious businessman who was hesitant to go on debt. He leaves a strong firm to the foundation, with just under €600 million in liquidity at the end of 2024 to support future expansion.