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No plans to sell or list Giorgio Armani-vice chair

business Updated: Oct 29, 2010 15:08 IST
Giorgio Armani. Italian designer

Italian designer Giorgio Armani has no plans to sell his company or list it in the near future, the firm's deputy chairman said on Friday.

More than 70 years old, Giorgio Armani is considered the doyen of Italian fashion. Yet, he has been most secretive over his succession plan for his sprawling clothing empire and has not publicly designated a successor on either the creative or the management side.

"We have no plans to sell," John Hooks, deputy chairman of Armani, said on the sidelines of a fashion conference in Shanghai.

Armani has kept investors guessing on the future of his company, at times hinting at a bourse listing and at other times signalling he could sell the group.

Earlier this month, Italian luxury brand Prada was reported to be considering a Hong Kong initial public offering in 2011.

"We are not looking at it, we are a family (owned) company, we will remain a family company," Hooks said, clarifying queries of a possible initial public offering.