Giorgio Armani Dies at 91, Leaves $12B Fashion Empire

Giorgio Armani, the iconic Italian fashion designer and founder of the Armani Group, died peacefully at age 91 in Milan on September 4, 2025. Armani revolutionized fashion with his signature unstructured suits and minimalist elegance, building a multibillion-dollar empire valued between $9 billion and $12.1 billion, which included clothing, accessories, fragrances, hospitality, and sports investments such as the Olimpia Milano basketball team. He maintained full ownership of his company without selling stakes or going public, distinguishing him as one of the last great independent moguls in fashion. Despite his vast success, Armani's company recently faced controversy after being fined €3.5 million by the Italian Competition Authority for alleged unfair labor practices and unsafe working conditions among subcontractors, accusations the Armani Group has denied and vowed to appeal. Armani's legacy extends beyond fashion, influencing Hollywood and luxury lifestyle sectors, with a public funeral held in Milan honoring his impact. Italian Prime Minister Giorgia Meloni praised him as a symbol of Italian excellence and creativity.