00:00Giorgio Armani, the billionaire Italian fashion designer and founder of his eponymous fashion
00:05house Armani, has died at 91, his company said in a statement on social media.
00:11The reason for his death was not disclosed in a company press statement, but Armani had
00:15missed the Milan and Paris fashion shows in June and July due to unspecified health issues
00:20and have reportedly been recovering at home following a hospital stay.
00:24Forbes estimates Armani was worth $12.1 billion at the time of his death, largely thanks to
00:29his 99.9% stake in his eponymous fashion house.
00:33The remaining 0.1% is owned by the Milan-based Giorgio Armani Foundation, which he established
00:38in 2016 to, quote, ensure continuous guidance for the company's future management.
00:44In a March 2021 interview with Vogue, Armani said that he planned to pass down the closely
00:48held company to his family and closest business associate, naming his niece, Roberta Armani,
00:54and his right-hand man, Leo Delorco, as his heirs.
00:57In an interview with the Financial Times on August 29th, days before his death, he said
01:01that he planned for his succession to be a gradual transition to Delorco, members of
01:06his family, and his working team.
01:07After starting out as a low-level buyer at a department store in Milan, Italy in the
01:11late 1950s, Armani went on to launch his own brand in 1975 and became one of the world's
01:17leading designers and luxury fashion moguls.
01:20During his long career in fashion, Armani pioneered trends, including putting haute couture shows
01:25on the internet when he partnered with MSN.com to livestream the unveiling of his summer collection
01:30in Paris in 2007.
01:32The company said the legendary designer worked until his final days on the fashion house's
01:36future projects and collections.
01:38For more on this story, check out the article at the link in the description.
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