Finding a successor to continue the lineage of fashion empire so closely
associated with its founder has been the bain of chief executives from
Milan to Paris. From Jil Sander to Yves Saint Laurent, and Oscar de la
Renta to Ralph Lauren, the noughties have seen an endless round of musical
chairs with designers helming the major Maisons founded many decades ago,
for only a few short years on average.
Giorgio Armani is taking the matters into his own hands, stipulating the
course of succession with clarity in his new foundation, the Fondazione
Giorgio Armani, a “foundation to realize projects of public and social
interest.”
“Three founding principles,” explained Armani, “are based on autonomy and
independence, an ethical approach to managing with integrity and honesty,
attention to innovation and excellence, the ongoing development of the
Armani brand supported by adequate investment, as well as prudent and
balanced financial management, a limited recourse to debt and a cautious
approach to acquisitions.”
“With this choice of continuity, guaranteed by the Foundation and my heirs,
I want first of all to reassure the people of the Armani Group who work
with loyalty and passion always trusting in my person and at the same time
all those who have contributed to the multi-annual success for which I am
sincerely grateful.”
Many of Armani’s team, from designers to press officers, have been working
alongside Mr Armani for many decades. As Mr Armani just celebrated his 82nd
birthday this month, it is only apt to think of the future of his empire.
Armani founded his label in 1975, after having freelanced for Italian
labels such as Allegri, Bagutta, Hilton, Sicons, Gibò, Montedoro, and
Tendresse in the 60s and early 70s. In 1979, after founding the Giorgio
Armani Corporation, Armani began producing for the United States and
introduced his mainline for men and women. The label became one of the
leading names in international fashion with the introduction of several new
product lines, including Le Collezioni, Giorgio Armani Underwear and
Swimwear, and Giorgio Armani Accessories. In the early 1980s the company
signed an important agreement with L’Oréal to create perfumes and
introduced the Armani Junior, Armani Jeans, and Emporio Armani lines,
followed in 1982 by the introduction of Emporio Underwear, Swimwear, and
Accessories.
According to Reuters, Giorgio Armani Spa saw its sales in 2015 grow 3.7
percent to 2.64 billion euros.
Image courtesy of Giorgio Armani Facebook