Giorgio Armani to retire in 2-3 years

According to Reuters, Giorgio Armani, the 90-year-old founder of the iconic Italian fashion house, has indicated his intention to step down from his leadership role within the next two to three years.

In an interview with Italy's Corriere della Sera newspaper, Armani expressed his desire for a future where he is no longer the sole decision-maker, while also noting increased interest from potential investors. However, he remains committed to maintaining the company's independence, a stance that has been a hallmark of his business philosophy in an industry increasingly dominated by luxury conglomerates.

The succession plan for the Armani empire, founded in 1975, has been a subject of speculation due to the absence of direct heirs. Reuters reports that documents held by a Milan notary outline the future governance structure and measures to protect jobs within the company.

While Armani mentioned the existence of a succession protocol in his interview, he did not provide specific details. The fashion mogul's heirs are expected to include his sister, three other family members involved in the business, his long-time collaborator Pantaleo Dell'Orco, and a charitable foundation.