Fashion Icon Armani: "Retiring in 2-3 Years... No Issues with Succession"

Giorgio Armani (90), chairman of the Italian luxury brand Armani Group, announced on the 13th (local time) that he plans to retire within 2 to 3 years.

In an interview with the local daily Corriere della Sera released that day, Armani said, "I can still work for another 2 to 3 years, but beyond that is negative." The reason is that "I can no longer sleep deeply and peacefully like before," and he added, "I hope I no longer have to decide 'yes' or 'no' at work."

[Image source=AFP Yonhap News]

Armani, who has no children, gave no detailed explanation about the succession of management rights but introduced that he has "established a kind of protocol (guideline)." According to a notarized document disclosed last year, Armani has already prepared guidelines regarding the company's management principles and job protection issues that heirs who will succeed the group after his death must follow. Armani's heirs are known to include his younger sister and three other family members, his longtime partner Pantaleo Dell'Orco, and a charitable foundation.

Armani has maintained independent management even amid the restructuring of the global luxury industry, where other major Italian luxury brands such as Gucci, Prada, Bulgari, and Fendi have been sold to French conglomerates Kering and LVMH. Regarding this, Armani explained, "I thought there was a lot I had to do alone, and I also had personal pride," adding, "External investment proposals to join our group have become a bit more persistent, but at present, I am not considering any possibilities."

In this interview, Armani cited 'moderation' as the secret to his longevity. He introduced, "From the day I turned 50, I started doing gymnastics every morning," and said, "For the past 15 years, I have done gymnastics twice a day, once when I wake up in the morning and once before going to bed at night."

Armani, who changed his career path from attending medical school to the fashion field and worked as a menswear designer for Nino Cerruti, opened a boutique under his own name in 1974 and has steadily expanded his business into womenswear, eyewear, watches, interiors, perfumes, and cosmetics. Leading the Armani Group named after himself, he ranked 177th on Forbes' list of the world's richest people this year. His estimated net worth is $11.4 billion (approximately 15.7 trillion KRW).