Reuters reports that Giorgio Armani is arranging his own succession at his company. Although he has not announced a retirement date, the designer told reporters in Moscow that he knows he is not "eternal" and that there is a time to hand over the reins of the company to someone younger.
Italian fashion designer Giorgio Armani, still frail after a bout of hepatitis, hinted on Tuesday of succession plans for his vast clothes empire after his retirement and joked about his appearance.
"I'm already organizing staff who will continue my work," 75-year-old "King Giorgio," as he is known in Italy, told reporters in the Russian capital, where he had jetted in to support its crisis-hit fashion industry.
"Of course I am not eternal, there comes a time when you must hand it over."
Known for his shrewd business sense, Armani has been more vague about his plans than other designers of his generation and has not publicly designated a successor on either the creative or the management side. Valentino Garavani retired last year.
Late last month, Armani made several management changes, signaling an easing of his workload and the designer is reshuffling his agenda to take better care of himself.
Widely regarded as the doyen of Italian fashion, he has kept investors guessing on the future of his company, at times hinting at a bourse listing and at other times signaling he could sell the group.
Dressed in a sleek black suit, Armani joked with reporters about his appearance: "You see how I am, I don't look bad yet, do I?" he remarked to a roaring round of applause.
It is hard to imagine the Italian fashion world without Armani. Because he hasn't given a date, it doesn't sound like his retirement is imminent.
Armani opened 50 new stores worldwide last year and has weathered the global recession, although it is projecting lower profits this year.
