Iconic designer Giorgio Armani has died at the age of 91, his company announced on Thursday. He leaves behind a company that generated approximately 2.3 billion euros ($2.7 billion) in annual turnover and a whopping $12.1 billion net worth.
"With infinite sorrow, the Armani Group announces the passing of its creator, founder, and tireless driving force: Giorgio Armani," the fashion house said.
"We, the employees and the family members, who have always worked alongside Mr. Armani, commit to protecting what he built and to carrying his company forward in his memory, with respect, responsibility, and love," it added.
Read More: How celebrated designer Giorgio Armani turned fashion into a $10 billion empire
Julia Roberts, who famously wore an Armani men's suit for the 1990 Golden Globes, paid tribute to her friend. She posted a photo of herself with the designer on social media. “A true friend. A legend,” the actor wrote.
"He treated everyone as equals and felt at ease among young people. He'd invite us to birthday parties and dinners at his villa in Broni (northern Italy), groups of us: tailors, mailmen, sales assistants," Mauro Barbieri, who worked as a warehouse man for Armani in Milan for 32 years, told Reuters.
Who will inherit Armani's massive fortune?
{{/usCountry}}"He treated everyone as equals and felt at ease among young people. He'd invite us to birthday parties and dinners at his villa in Broni (northern Italy), groups of us: tailors, mailmen, sales assistants," Mauro Barbieri, who worked as a warehouse man for Armani in Milan for 32 years, told Reuters.
Who will inherit Armani's massive fortune?
{{/usCountry}}Giorgio Armani's net worth was at $12.1 billion, according to Forbes. The 91-year-old was one of the world's top 200 billionaires. His forture included clothing, accessories, home furnishings, perfumes, cosmetics, books, flowers and even chocolate brands.
Armani had already laid out his succession plan. In August, he told The Financial Times that he wants his successors to include his collaborators and family. The 91-year-old was not married and never had children. He had a younger sister, Rosanna, two nieces, Silvana and Roberta, and a nephew, Andrea Camerana. His family members are at senior positions in the fashion brand.
“My plans for succession consist of a gradual transition of the responsibilities that I have always handled to those closest to me,” Armani told FT. He indicated that Pantaleo Leo Dell'Orco is his likely successor.
“I would like the succession to be organic and not a moment of rupture,” the fashion icon added. “My greatest weakness is that I am in control of everything.”