Giorgio Rumored to Leave Armani to Foundation
Jun 04, 2012 - by Lester Brathwaite
Italian news agency Ansa is reporting that Giorgio Armani will leave his eponymous label to a foundation upon his retirement, causing widespread speculation in the Italian media.
According to the 77-year-old Armani, the idea of a foundation is "only one of the possibilities; there is nothing substantial there," though he will not likely seek a partner nor sell to an investment fund.
An Armani spokeswoman told WWD that the future of the Armani brand is far from set in stone, stating that the tanning enthusiast/designer "will not sell to private-equity firms interested in short-term returns, nor to private investors with no understanding of fashion."
Selling to a big group, such as LVMH or PPR, however, would not be out of the question should they present a "great offer."
Armani's future has been a hot topic in the American press as well after a cover story with WSJ Magazine titled, well, "The Future of Armani." It's not clear who will take over the Armani empire once the snow-scalped septuagenarian steps down, but what is clear is who's running the show: "Look, this succession issue has been at my throat for at least 15 years," Armani told the mag. "The question is always the same, and so is the answer: As long as I'm here, I'm the boss."