Giorgio Armani Comes Up With A Succession Plan: Creates Future Roadmap For The Brand After Him
Giorgio Armani, the Italian fashion Moghul started his brand with his partner. Since the beginning of the brand in the 1970s till today, he has been the sole force behind the brand.
He has been uncompromising about the leadership and control of the brand. So, he has been working as the CEO and only shareholder of the company. Under his leadership, the company garnered a whopping $2.5 billion turnover last year.
This time, he creates a clear guideline about how his business should run after his demise. Armani, 89, always prioritized paying attention to details. So, in his succession plan, there are clear rules and detailed etching of how he wants his brand to function in his absence.
There were speculations in the fashion world about how the company would run after Giorgio, and many even questioned the continuation of him as the independent owner of the company.
Nevertheless, thanks to a 2016 document held by a notary in Milan, we now know who will inherit the company. The document reviewed by Reuters further highlights important issues related to the operations of the business, including securing jobs for the employees.
Armani’s sister, Rosanna, and three other family members are supposed to be the heirs to the company. Other heirs might include his long-term collaborator, Pantaleo Dell’Orco, and an NGO organization.
His sister does not work for the company. But his nieces Roberta and Silvanna and nephew Andrea Camerana work for Armani. Silvanna and Pantaleo Dell’Orco are further the “Style Lieutenants” of the company.
The document, born out of Armani’s adoption of bylaws in 2016, says that his heirs should go for a stock market listing for the company. He also mentions that this approach should only start at least five years after his passing and any M&A activities.
In addition, the bylaws also state how the style directors will be appointed, and he has a very definite take on the “look” of Armani products. His heirs should be committed to the.
“search for an essential, modern, elegant and unostentatious style with attention to detail and visibility.”
Overall, he leaves little room for confusion and contradictions in the matter of running the company in his absence.