The secretive world of high fashion has been rocked by the revelation of Giorgio Armani's true wealth, with court documents exposing the Italian designer's staggering £8.8 billion fortune.
The financial details emerged during a sensational legal battle between the 89-year-old fashion icon and his former partner Sergio Galeotti's heirs, who are demanding a massive payout from the legendary fashion house.
The Billion-Dollar Feud
At the heart of the dispute lies a 1979 agreement that granted Galeotti's family 10% of profits from the Giorgio Armani brand. While Galeotti passed away in 1985, his heirs have continued to receive substantial payments from the company for decades.
However, tensions reached boiling point when the family demanded a staggering €100 million (£85 million) payment, claiming the fashion empire had been deliberately restructuring to minimise their rightful share of profits.
Armani's Defence
The fashion mogul fiercely defended his position in court, dismissing the claims as "inconsistent and unfounded." Through his legal team, Armani asserted that the company had always honoured its financial obligations to the Galeotti family.
Shockingly, court documents revealed that between 1979 and 2022, the Galeotti heirs received approximately €500 million (£426 million) in payments from the Armani empire.
The Fashion Empire's Structure
The case has pulled back the curtain on Armani's complex business network, which includes multiple entities such as Giorgio Armani SpA and the Luxembourg-based holding company Luxottica. This intricate structure has become central to the dispute over profit calculations.
Despite his advanced age, Armani shows no signs of slowing down, having recently dismissed succession rumours and reaffirmed his commitment to leading the company he built from scratch.
A Legacy in the Balance
This legal battle not only exposes the immense wealth of one of fashion's most private figures but also highlights the ongoing challenges facing family-run fashion dynasties. With no clear successor named, the future of the Armani empire remains uncertain as this dramatic family feud continues to unfold.
