Billionaire and founder of Armani brand George Armani died

Designer and fashion designer George Armani has died. He was 91 years old. Armani created the eponymous brand, which became world famous and made its founder a billionaire.

Italian fashion designer and fashion designer George Armani has died, the Armani Group said.

"It is with infinite sorrow that Armani Group announces the death of its creator, founder and tireless driving force: George Armani," the company said in a statement quoted by Reuters.

Armani was 91 years old. He had recently had health problems that caused him not to participate in his group's show at Milan Men's Fashion Week in June: he missed such an event for the first time in his career, Reuters noted.

Armani's name has become synonymous with modern Italian style and elegance, and he was able to combine the talent of a designer and the abilities of a businessman, managing a company with a turnover of $2.3 billion euros a year, writes Reuters. In 1975, the fashion designer created a brand, to which he gave his name and surname. Armani kept a tight control over it: the company remained private, despite numerous mergers and acquisitions in the industry and scenarios proposed by investment banks, Bloomberg noted.

Business has made the fashion designer a billionaire. According to Forbes, Armani's fortune is $12.1 billion, he ranks 231st in the list of billionaires. Bloomberg estimates Armani's fortune at $9.43 billion, which corresponds to 360th place in the agency's rating.

This article was AI-translated and verified by a human editor