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A document revealed Armani's successor?

What is certain is that King George's empire will last for several more decades

A document revealed Armani's successor? What is certain is that King George's empire will last for several more decades

Giorgio Armani has not only shaped a global empire in fashion, perfumes, luxury furniture, and hotels but is also meticulously planning the future of the brand he gave birth to, ensuring it outlasts him. While the octogenarian remains at the helm of his colossal company, always independent and currently valued at 2.35 billion euros, a recently surfaced document sheds light on the succession plan that will guide his legacy. As reported by Elisa Anzolin of Reuters, a document from 2016 has emerged, revealing what will happen to King Giorgio's reign in the years to come. Armani, with no direct heirs, orchestrated an extraordinary meeting in 2016 to establish new statutes for the group, dictating the principles that will govern the company in the future.

The document examined by Reuters not only outlines the principles for potential stock market listings and mergers and acquisitions but also encapsulates the essence of the Armani style. It emphasizes an «essential, modern, elegant and understated»  approach with a strong focus on detail and wearability. Apparently, Giorgio Armani's succession plan introduces an entire new cast of heirs, including his sister Rosanna, three nieces Silvana, Roberta, and Andrea, long-term collaborator and right-hand Pantaleo Dell'Orco, and a charitable foundation. Currently, all future heirs are part of the company's board of directors and, except for Rosanna Armani, have been involved in the company's team for a long time. According to Reuters: "The statute divides the share capital into six categories with different voting rights and powers, and was amended in September to create some without voting rights" thus promoting a structure designed to minimize disputes among heirs and ensuring a relatively smooth transition in leadership.

A foundation established in 2016 plays a crucial role in preserving Armani's legacy. Although currently holding a symbolic stake, the foundation is destined to protect the company, following the model adopted by luxury watchmaker Rolex. The statutes emphasize reinvesting capital for charitable causes, maintaining employment levels, and upholding the company's core values. Armani, known for fiercely defending the independence of his brand, has established principles that advocate a cautious approach to acquisitions. The statutes stipulate a careful evaluation of skills that do not exist internally, emphasizing a strategic approach to developments in the market, product, or channel.