Armani’s passing and immediate reactions

Armani died peacefully, surrounded by his family, after ongoing health issues that earlier forced him to miss his brand’s Milan runway shows for the first time in five decades. Tributes are pouring in from across the fashion world, and the Armani Group will host a memorial in Milan, the city he helped turn into a fashion capital.

Born in Piacenza, Italy, Armani originally aspired to become a doctor before leaving medical school and finding his calling in fashion, first working as a window dresser and buyer at a Milan department store. He soon began designing menswear for Nino Cerruti, gaining a reputation for innovation and quality. In 1975, with his partner Sergio Galeotti, Armani founded his eponymous label in Milan, initially launching a men’s clothing line and rapidly expanding into womenswear, accessories, fragrances, and home interiors.

Armani’s understated style revolutionized modern fashion, introducing the world to the power suit and pioneering the concept of the lifestyle brand; he dressed celebrities from Richard Gere in American Gigolo to countless Hollywood stars on the red carpet. Over his five-decade career, Armani built one of the most successful privately held fashion empires, leaving a lasting imprint on both the industry and global culture.

Succession and control of the empire

Unlike many family-run luxury houses, Armani had no children and thus spent years crafting a robust succession plan. According to company and media reports, control of the Armani Group will be divided among six carefully chosen heirs: his sister Rosanna, his two nieces, one nephew, his longtime collaborator Pantaleo (Leo) Dell’Orco, and a charitable foundation. All of these successors already serve on the company’s board and will receive shares according to the bylaws Armani established in 2016.

Preserving Armani’s vision

Armani’s bylaws go beyond mere financial matters. He gave explicit instructions that the brand must continuously pursue an “essential, modern, elegant and unostentatious style with attention to detail and wearability.” The succession documents also detail the process for appointing future women’s and men’s style directors, ensuring the label’s creative direction remains true to his vision.

Financial and business directives

Armani’s plan includes specific finance-related provisions. Major moves, such as an IPO or mergers and acquisitions, are not permitted until five years after his death, providing a period of stability. The company remains privately held, with estimated annual revenues exceeding $2.68 billion, and a potential future valuation of over $5.8 billion should it go public.

The path forward

The new leadership—a blend of family and trusted collaborators—has pledged to honor Armani’s values and sustain both the brand’s independence and its high standards. A charitable foundation created by Armani will also play a role, helping direct some of the company’s future profits to philanthropic efforts. Armani’s detailed succession planning aims to preserve his legacy, ensuring that his company’s creative, operational, and ethical principles endure well into the future.

For this story, Fortune used generative AI to help with an initial draft. An editor verified the accuracy of the information before publishing.