Armani sets up signature foundation to “safeguard” house’s future

It seems that the luxury fashion sphere is making all its big announcements this July, from changing CEO’s to new Creative Director news. And, the latest luxury house to announce brand strategy plans is Giorgio Armani.

He just confirmed he has established the Giorgio Armani Foundation, ending speculation around his business (and if there were plans for anyone else to take the helm soon) stretching back to 2012.

The creation of the foundation was “in order to implement projects of public and social interest,” the designer said, but also to “safeguard the governance assets of the Armani Group and ensure that these assets are kept stable over time.”

These founding principles are based upon “autonomy and independence, an ethical approach to management with integrity and honesty, attention to innovation and excellence, an absolute priority to the continuous development of the Armani brand.”

They will be “sustained by appropriate investments, prudent and balanced financial management, limited recourse to debt and a careful approach to acquisitions,” he added.

“With this decision, taken in the name of continuity and secured by the foundation and my heirs, I would like most of all to bring reassurance to all the people of the Armani Group who work with loyalty and passion and who have always had faith in me, as well as to all those who over the years have contributed to the long-lasting success of this company and to whom I shall forever be sincerely grateful.”

Giorgio Armani also announced this week that he would be moving his Emporio Armani Spring/ Summer 2017 womenswear show from Milan to Paris.


STAY UP TO DATE: You want the need-to-know news, right? Our journalists deliver a daily curation of the most important industry happenings. Sound good? Join WGSN.

Know what’s next. Become a WGSN member today to benefit from our daily trend intelligence, retail analytics, consumer insights and bespoke consultancy services.