Giorgio Armani, chairman of the Italian luxury brand Armani Group, said in an interview with local daily Corrieredela Sera on the 13th (local time) that he plans to retire within two to three years.
“I can still work for another two or three years, but beyond that, it’s negative,” Armani said.
“I can’t sleep as deeply and peacefully as I used to,” he said. “I hope I no longer have to decide ‘yes’ or ‘no’ at work.”
Armani has maintained independent management in the process of reorganizing the global luxury industry, with Italian luxury brands such as Gucci, Prada, Bulgari, and Fendi being sold to French conglomerates Kering and LVMH.
“I thought I had a lot of work to do alone,” he said. “And I had personal pride.”
“The outside investment proposal to join our group has become a little more tenacious, but we are not thinking about any possibilities at this time,” he added.
Armani, who does not have children, introduced the issue of management succession as “a kind of protocol has been established.”
According to notar documents released last year, Armani has already prepared guidelines on company management principles and job protection issues that heirs who will inherit the group after his death should follow.
Reuters predicted Armani’s heirs would include his sister and three other family members, longtime lover Pantaleo Delorco and a charity foundation.
Armani said in the interview that he has chosen temperance as his secret to living a long life. “I started exercising every morning from the day I turned 50,” Armani said. “I have been exercising twice a day for the past 15 years, when I wake up in the morning and before going to bed at night.”
Leading Armani Group, which modeled after his name, he ranked 177th on this year’s world’s richest person list by Forbes. His assets are estimated at 11.4 billion dollars.
Giorgio Armani, chairman of the Italian luxury brand Armani Group, said in an interview with local daily Corrieredela Sera on the 13th (local time) that he plans to retire within two to three years.
“I can still work for another two or three years, but beyond that, it’s negative,” Armani said.
“I can’t sleep as deeply and peacefully as I used to,” he said. “I hope I no longer have to decide ‘yes’ or ‘no’ at work.”
Armani has maintained independent management in the process of reorganizing the global luxury industry, with Italian luxury brands such as Gucci, Prada, Bulgari, and Fendi being sold to French conglomerates Kering and LVMH.
“I thought I had a lot of work to do alone,” he said. “And I had personal pride.”
“The outside investment proposal to join our group has become a little more tenacious, but we are not thinking about any possibilities at this time,” he added.
Armani, who does not have children, introduced the issue of management succession as “a kind of protocol has been established.”
According to notar documents released last year, Armani has already prepared guidelines on company management principles and job protection issues that heirs who will inherit the group after his death should follow.
Reuters predicted Armani’s heirs would include his sister and three other family members, longtime lover Pantaleo Delorco and a charity foundation.
Armani said in the interview that he has chosen temperance as his secret to living a long life. “I started exercising every morning from the day I turned 50,” Armani said. “I have been exercising twice a day for the past 15 years, when I wake up in the morning and before going to bed at night.”
Leading Armani Group, which modeled after his name, he ranked 177th on this year’s world’s richest person list by Forbes. His assets are estimated at 11.4 billion dollars.
JULIE KIM
US ASIA JOURNAL
