An Italian newswire report suggesting that Giorgio Armani will form a foundation to run his fashion empire after he dies set the press ablaze with speculation that the future of the fashion label has been set in stone.
However, an Armani spokeswoman said today that the report, published by Ansa last week, was incorrect. Instead, the spokeswoman said, Armani, 77, would consider selling his company to a large fashion conglomerate only if he's presented with a good enough offer. And, while he is also considering leaving the brand to a foundation, Armani told WWD last week that it is "only one of the possibilities."
Armani's succession plan has been in focus lately because of a recent WSJ. Magazine profile that explores what will happen to the company after the designer is gone. In the profile, Armani admitted that he hasn't settled on a plan, saying, "As long as I'm here, I'm the boss."
Photo: Giorgio Armani takes a bow after presenting the Giorgio Armani Prive Haute Couture Fall 2011 collection in Paris.