Yacht, fashion empire, hotels and more… Who shall inherit Giorgio Armani’s wealth?

He dressed royalty, celebrities and the world wanted to wear his designs. But after steering the world of fashion and style for half a century, designer par excellence Giorgio Armani passed away on September 4 at the age of 91, leaving behind not only a cultural legacy but also one of the most successful business empires in fashion history.

As a statement from his family and loved ones read, “In this company, we have always felt like part of a family. Today, with deep emotion, we feel the void left by the one who founded and nurtured this family with vision, passion, and dedication, but it is precisely in his spirit that we, the employees and the family members who have always worked alongside Mr. Armani, commit to protecting what he built and to carrying his company forward in his memory with respect, responsibility, and love.”

Even Italy’s Prime Minister, Giorgia Meloni, paid tribute to the designer, describing Armani as “a man of elegance, sobriety and creativity” who “was able to bring lustre to Italian fashion and inspire the entire world. An icon, a tireless worker, a symbol of the best of Italy. Thank you for everything.”

The news of his passing has plunged the fashion world into mourning with Paola Pollo, fashion editor at Italy’s Corriere della Sera, saying that his death was an “emotional” moment for Italy. “He was the last of the Italian fashion greats and his death means a generational change is coming for Italian design, something which has already happened in France, but not here,” she said.

But even as the world grieves the loss of Armani, the 91-year-old’s death raises questions about the future of his company that he so cherished as well as his billions of dollars of wealth. After all, Armani had no children of his own, prompting many to ask — who shall take over from him?

From humble beginnings to ‘King Giorgio’

Born in Piacenza in northern Italy on July 11, 1934, Giorgio was one of three children. His father worked as an accountant. Postwar, he endured a difficult childhood, admitting: “It was dangerous. There wasn’t very much. There was no food. My mother had a difficult time feeding us.” With initial ambitions to study medicine, Armani dipped his toe in academia but, finding the subject too dry and clinical for his liking, dropped out.

He then shifted paths, working first as a window dresser and later as a designer for Nino Cerruti. At the age of 41, in 1975, having enough experience and self-belief, his and his partner, Sergio, Galeotti, he launched his own label, Giorgio Armani S.p.A.

Armani received his breakthrough in the ’80s when Richard Gere donned Armani suits in the film American Gigolo. This propelled the brand into the global spotlight, cementing Armani as a household name. Soon, stars from Michelle Pfeiffer to John Travolta embraced his creations, making him the designer of choice for both red carpets and everyday luxury.

But Armani didn’t stop at clothes. He expanded into perfumes, eyewear, and multiple lines such as Emporio Armani and Armani Exchange, targeting different segments of the global market. His company’s revenue soared into billions, while his boutiques multiplied across continents.

He also built a global hospitality business, spanning hotels, cafes, restaurants and bars, that carried the same elegance as his fashion line. The centrepiece of his hospitality business is the Armani Hotels developed in partnership with Dubai’s Emaar Properties.

As a sports fan, he designed suits for Chelsea and the England football team, and made the uniforms for Italy’s Olympic team in 2012.

An empire fit for ‘King Giorgio’

Working tirelessly until he passed away at 91, Armani through his fashion and hospitality businesses built an empire worthy of a king. According to Reuters, his business has generated some €2.3 billion ($2.7 billion) in annual turnover. And even though the profits have shrunk amid a broad industry recession, the company remains extremely attractive, say experts like Mario Ortelli, managing partner of luxury advisor firm Ortelli&Co.

Forbes also placed Armani at 208 on the list of billionaires with a whopping $12.1 billion net worth, up from $5.4 in 2020. According to Forbes, he was the third richest Italian after Giovanni Ferrero and Andrea Pignataro.

At the heart of Armani’s wealth was his fashion empire where he remained CEO and sole shareholder right until his death. He also owned the renowned basketball team Olimpia Milano, held significant investments in luxury hotels and real estate, and possessed a 200-foot yacht.

Looking for Armani’s successor

With never marrying — his partner Sergio Galeotti died at the age of 40 owing to complications from Aids — Armani never had children of his own.

However, in his lifetime, Armani drew up a succession plan of which he shared a few details with the Financial Times. He told the outlet, “My plans for succession consist of a gradual transition of the responsibilities that I have always handled to those closest to me…such as Leo Dell’Orco, the members of my family, and the entire working team.”

In the interview, Armani noted that he wanted his succession to be “organic,” and “not a moment of rupture.”

It is believed that Armani’s multi-billion dollar empire will now pass into the hands of his family members, comprising his nieces, Silvana and Roberta Armani, his nephew, Andrea Camerana, and his his right-hand man Pantaleo Dell’Orco.

Silvana worked with her uncle until he died at Armani designs, running the womenswear collections. Meanwhile, Roberta, the daughter of his late brother Sergio, has been the director of Armani’s public relations, becoming the bridge between the brand and Hollywood. It is reported that it is Roberta who orchestrated Tom Cruise and Katie Holmes’ wedding in an Italian castle in 2006, with Armani personally designing both the bride’s and groom’s attire.

Andrea, Armani’s nephew, joined the company in 2000 and worked as both a counsellor and licensing director. He eventually became Armani’s sustainability managing director, and focuses on the brand’s policy toward the environment.

There’s also Dell’Orco, who has been involved in the company since 1977 and currently heads the men’s style office. He has been described as Armani’s right-hand man, frequently appearing by the designer’s side at various fashion shows, honours and events. In fact, in June 2025, when Armani missed the menswear show during Milan Fashion Week for the first time in 50 years due to an undisclosed condition, Dell’Orco took over.

Remaining independent his entire life, Armani has also stated in his will no major mergers or IPOs would be permitted until five years after his death, providing a period of stability. With this, he sought to protect his brand against potential acquisitions by giants such as LVMH or Kering.

It is left to be seen what happens to the Armani brand, but one thing is certain: whoever takes over will have a tough time living up to the reputation of a man described as a “legend” by celebrities such as Julia Roberts, Cindy Crawford and Victoria Beckham.

With inputs from agencies

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