Armani announces successor via new Foundation

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."

Armani aims to reassure those who have been loyal to his company

"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