ROME (Reuters) – Giorgio Armani, founder of the Italian fashion brand of the same name, said in an interview published on Sunday that he plans to retire within the next two to three years.
Mr. Armani, 90, has remained mum about succession plans for the company he founded in 1975 and still has firm control over.
“I can still appoint him as president for two or three years,” he told Italy’s Corriere della Sera newspaper. “Anything beyond that is a negative.”
Armani said he spends sleepless nights dreaming of a future where he “no longer has to be the person who says ‘yes’ or ‘no.'”
He added that he has received “somewhat aggressive” approaches from potential outside investors in his company, “but so far I don’t see any openings.”
Because Armani does not have any children to take over, the long-term future of the Armani empire and whether it will be able to maintain its cherished independence in an industry dominated by luxury conglomerates such as LVMH and Kering. There is a lot of speculation.
In an interview with Corriere della Sera, Mr Armani said he had “created certain structures, projects and protocols” to manage his successor, without giving details.
Last year, Reuters reported on a document held by a notary in Milan setting out future governing principles for those who will inherit the group, and another document detailing issues including the protection of jobs at the company. .
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.
(Reporting by Alvise Armellini; Editing by Hugh Lawson)
