Giorgio Armani planning to retire in next two to three years
Giorgio Armani, the founder of the eponymous Italian luxury fashion house, plans to retire in the next two to three years.
"I can still give myself two or three years as head of the company. Not more, it would be negative," Armani, 90, told local newspaper Corriere della Sera, per Reuters.
He has yet to disclose his succession plans for the company.
Armani said he has restless nights in which he dreams of a future in which "I no longer have to be the one who says 'Yes' or 'No'," according to Reuters.
He added that he has received "slightly more insistent" approaches from potential outside investors in his company, "but for the moment I do not see any openings."
Armani, who has no children, told Corriere della Sera he had "built a kind of structure, a project, a protocol" to govern his succession but gave no details.
His expected heirs include his sisters, three other family members working in the company, long-term collaborator and partner Pantaleo Dell'Orco, and a charitable foundation, according to a November 2023 Reuters report.
Large luxury conglomerates like LVMH and Kering have dominated the industry, but Armani has maintained its independence.
Armani founded his company in 1975.
It's considered among Italy's largest fashion groups alongside Gucci and Prada.
