Core Points - Giorgio Armani, the renowned Italian fashion designer, passed away at the age of 91 on September 4, 2023 [1] - Armani co-founded the Armani brand in Milan in 1975, which has since become a significant influence in the global fashion industry [2] - The Armani Group's business encompasses high fashion, perfumes, accessories, hotels, and home decor, with a current valuation of nearly $10 billion [3] Wealth and Inheritance - As of the fiscal year 2024, Armani's personal wealth exceeds €11 billion, with the latest Forbes report listing it at $12.1 billion, ranking him 4th in Italy and 235th globally [4] - Armani remained unmarried and childless throughout his life, leading to ongoing public interest regarding the succession of his brand [5] - A draft inheritance plan from 2016 indicates that Armani's shares are divided into six categories, allocated to close family members and a charitable foundation, each with different voting rights [6] Succession Planning - The inheritance plan stipulates that if the group seeks to go public, it must wait at least five years after Armani's death, prohibiting any mergers during this period to protect brand stability and independence [7] - The plan was revised in September 2023 to include non-voting shares to minimize disputes among heirs [8] - Armani announced plans to retire in the next two to three years, gradually transferring responsibilities to key individuals including Pantaleo Dell'Orco, family members, and his team [9] Key Heirs - Five significant heirs have emerged: Rosanna (sister), Silvana, Roberta, Andrea Camerana (niece and nephew), and Pantaleo Dell'Orco (long-time collaborator) [10][11] - All five heirs are currently board members, with the exception of Rosanna, who lacks design and management experience [12] - Silvana has been involved in women's creative design for nearly 30 years, while Roberta has a close relationship with Armani and has managed public relations [13] - Dell'Orco, although not a blood relative, is considered Armani's most trusted assistant and has collaborated closely with him in menswear design [14] Company Legacy - Following Armani's passing, the group stated that the company, with a 50-year history, embodies Armani's emotions and dedication, and his family and employees will continue to uphold these values [15]