Giorgio Armani, the president, CEO and the only shareholder of his self-titled company, Armani Group, died at the age of 91 in Milan Italy.
Armani's funeral chamber will be open to the public from September 6 to 7 between 9 am and 6 pm at Via Bergognone 59 inside the Armani/Teatro in Milan. The funeral will be held in a private ceremony.
What was Giorgio Armani's net worth?
Giorgio Armani's net worth was estimated at $9.4 billion as of June 20, according to the Bloomberg Billionaires Index. But Forbes magazine estimates that his net worth was $12.1 billion, making him the third wealthiest Italian after Giovanni Ferrero and Andrea Pignataro.
Armani's businesses included sectors like sports, music and luxury hotels. He owned Olimpia Milano, an Italian basketball club. He also had a 200 feet long yacht.
Who will inherit Giorgio Armani's Armani Group?
Giorgio Armani was not married or did not have children. Fashion United reported that all ownership of Giorgio Armani S.P.A. will continue to be under the Giorgio Armani Foundation. His personal fortune is likely to managed via the foundation.
Armani's sister Rosanna, nephew Andrea Camerana, nieces Silvana and Roberta are likely to continue their roles. Pantaleo “Leo” Dell’Orco, Armani’s longtime creative partner, is also believed to remain in his current role.
In an interview before his passing, Armani told Financial Times, "My plans for succession consist of a gradual transition of the responsibilities that I have always handled to those closest to me...such as Leo Dell'Orco, the members of my family and the entire working team."