Bloomberg Billionaires Index

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#184 Giorgio Armani $7.88B

Random fact: Opened the first Armani cafe in Cannes, France in 2013.

Overview

Armani is co-founder and sole owner of Giorgio Armani SpA, the Milan-based fashion house. The closely held company had revenue of 2.7 billion euros ($2.9 billion) in 2015, from labels that include AJ Armani Jeans and Emporio Armani. He's also a shareholder in Luxottica Group, a publicly traded maker of designer eyeglasses.

As of July 23, 2017:
Last change +$16.4M (+0.2%)
YTD change +$720M (+10.1%)
Industry Consumer
Biggest asset Giorgio Armani
Citizenship Italy
Age 82
Wealth Self-made
View net worth over:   Max 1 year 1 quarter 1 month 1 week

Relative Value

Giorgio Armani's net worth of $7.88B can buy ...

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of the total wealth of the 500 richest people in the world
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of U.S. existing home sales
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Latest News

Net Worth Summary

Cash
Private asset
Public asset
Misc. liabilities
Confidence rating:

The majority of Armani's fortune is derived from his ownership of Giorgio Armani SpA. The Milan-based fashion retailer had revenue of 2.7 billion euros ($2.9 billion) in 2015, according to an e-mailed statement provided to Bloomberg News on June 1, 2016. He's the sole shareholder and chairman of the company.

Its valuation is based on reported revenue and Ebitda (earnings before interest, taxes, depreciation and amortization), and the average enterprise value-to-Ebitda and price-to-earnings multiples of five publicly traded peer companies: Prada, Salvatore Ferragamo, Ralph Lauren, Burberry Group and Hugo Boss.

Armani also owns 4.7 percent of publicly traded Luxottica Group, according to Luxottica's 2016 20F filing. The value of his cash investments is based on an analysis of dividends, market performance, insider transactions, taxes and charitable contributions.

Armani declined to comment on his net worth.

Biography

Birthdate: 7/11/1934
Family: Single, No children

Giorgio Armani was born in northern Italy in 1934 to Maria Raimondi and Ugo Armani. He grew up in the town of Piacenza with his two siblings, Sergio and Rosanna. Inspired by an early love of the human body, he spent two years at medical school at Piacenza University. He began military service in 1957, including a stint at a hospital. While on leave, he found a job as a window dresser at a Milan department store, La Rinascente, eventually working his way up to buyer.

He joined fashion house Nino Cerruti as a designer in 1964, and in the mid-1960s met and befriended architectural draftsman Sergio Galeotti. They co-founded fashion retailer Giorgio Armani SpA in 1975, with Galeotti managing the business and Armani running the creative side. The company expanded throughout the 1970s and 1980s, opening a U.S. subsidiary in 1979, and attracting widespread attention when they designed the clothing worn by Richard Gere in the film American Gigolo.

Galeotti died of leukemia in 1985. Defying naysayers who believed the brand would falter in his absence, Armani continued to grow. The billionaire expanded its operations into Japan in 1988 and rejected overtures from French billionaire Bernard Arnault of LVMH, who wanted to buy a 20 percent stake. The group's in-house distribution network has 2,983 point of sales in 46 countries worldwide, across brands such as Armani Exchange, Armani Jeans and Emporio Armani.

The billionaire started Armani Hotels & Resorts in 2005, a joint venture with Dubai's Emaar Properties. Armani suffered from hepatitis in 2009, returning to work later that year. He's discussed his plans for succession, indicating the company will probably fall under the control of his nieces and nephews. He's also said he doesn't intend to retire.

Milestones
  • 1934 Giorgio Armani is born in Piacenza, Italy.
  • 1957 Joins the military to complete his required service.
  • 1964 Begins designing menswear for fashion house Nino Cerruti.
  • 1975 Founds Armani, where he is chief fashion designer to this day.
  • 1980 Profile grows after designing costumes for American Gigolo film.
  • 1981 Introduces range of new lines, including Emporio Armani.
  • 1988 Enters eyewear licensing agreement with Luxottica Group.
  • 1999 Expands into e-commerce with www.armaniexchange.com.
  • 2015 Celebrates 40th anniversary of his company.