Giorgio Armani, founder of the Italian luxury fashion brand that bears his name, has said he plans to retire within the next two to three years.
The 90-year-old, Italy’s most famous fashion designer, has previously dismissed questions about his succession plans at the company.
He has maintained a firm grip on his empire since he founded it nearly 50 years ago.
But with no children to inherit it, there has long been speculation about its long-term future.
Armani told the Italian daily Corriere della Sera: “I can still appoint him as president for two or three years, but no more than that. That’s a negative.”
When asked if he would stay longer, he said he would not, before adding: “I can’t sleep at night. I no longer remember the deep, restful sleep I used to have. Now I dream at night. Dreams, I build my future.”
Armani said he sees a future in work where “you no longer have to say ‘yes’ or ‘no.'”
He said he has been receiving “somewhat persistent” approaches from potential outside investors in his company, but added: “I don’t see any opportunities right now.”
Keen to preserve the company’s future independence, he told the Italian newspaper that he had “built some kind of structures, projects and protocols” to manage his successor, but did not provide further details. I didn’t mention it.
Armani appeared on the Cannes red carpet with Jessica Chastain in 2012. Photo: Reuters
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Armani initially studied medicine before quitting and joining the military. Moving into accounting and sales, he founded his own company in 1975 and launched his first ready-to-wear collection under his own name the following year.
A celebrity favorite on the red carpet, Armani has worked with a variety of stars over the years, including Richard Gere, Eric Clapton, and Lady Gaga.
Armani’s successors are expected to include his sister, three other family members who work for the company, his longtime collaborator and partner Pantaleo d’Orco, and a charitable foundation.
