PLANNING AHEAD? Giorgio Armani has been open about his reluctance to publicly list his company or take on a business partner to ensure a future for the brands that bear his name, but details about his decisions going forward remain unavailable. Italy’s weekly magazine Il Mondo last week approached this subject with a new take, speculating that the designer, who turns 78 in July, is looking into creating a social and cultural Armani Foundation. The designer, said Il Mondo, would decide “the mechanisms to appoint members of the board” that would be “unalterable,” and he would place the company’s shares in the foundation. If this new entity will eventually take shape, “there will not be a hereditary succession,” said the magazine, concluding that in the future, the foundation’s administrators and arbitrators will be the ones “in command.” A spokeswoman for the Armani group said the designer had no comment on the story.
May 14, 2012