Have you ever wondered what Giorgio Armani’s current net worth in 2020?
|Net Worth:||$8.6 billion|
|Age:||86 years old|
|Born:||July 11, 1934|
|Country of Origin:||Piacenza, Italy|
|Height:||5 feet 7 inches|
|Source of Wealth:||Fashion designer|
Giorgio Armani, a well-known Italian fashion designer, is considered a living legend in the fashion industry. As mentioned on Elle, he is somewhat close to being a godfather to Italian Fashion. His soft and minimalist designs in men’s wear have been his signature style as a fashion designer. Classically tailored, sleek, powerful suits, clean, high-quality fabric, all of which made people love his designs.
In an interview with The Business Fashion in 2015, as a celebration for his 40th anniversary in the fashion industry, he said, “My job is very close to all that is around us, society, lifestyles, changing mindsets. This is the highest aspect of my job…the awareness that what I do is something people need for life.”
As someone who stumbled upon the fashion industry, almost by accident, he had made a name for himself and in the world of fashion—a very inspiring figure for everyone with similar dreams. Let’s take a look at how the Armani brand was built.
Giorgio Armani’s Early Life
He was born on July 11, 1934, at Piacenza, Italy. Despite his present success, he grew up in a humble home. In fact, he had firsthand experience of the devastation of World War II. He lost two friends from bombing and was also chased by machine guns of an overhead plane. Despite this experience, his family survived the war and relocated to Milan.
Life wasn’t easy at all in Milan. His family struggled too since, at that time, Milan was known for its social class division. It was a big city, and rebuilding their life was more complicated than it was in their little hometown at Piacenza.
Human Anatomy has piqued his interest, which later led to his decision to enroll in University of Milan, taking up Medicine. Right after three years of education, he left and joined the army. His medical background led him to be assigned to a Military Hospital in Verona. It was said that he would attend shows at the Arena. Unfortunately, he had an unsuccessful career in the army, so he decided to take a different path.
Brief Career of Italian Designer Giorgio Armani
Armani first worked as a window dresser in La Rinascente. From there, he learned more about men’s fashion and had earned experience in marketing for the fashion industry. Armani then worked as a menswear designer at Nino Cerruti. Later on, he did designs for many other brands as his side gig as a freelance designer.
He then met Sergio Galeotti, an architectural draftsman. Together, they had collaborated in working for several fashion houses. In 1973, his friend and partner, Sergio Galeotti, persuaded him to have his very own design office. After 2 years, he founded Giorgio Armani SpA in Milan.
His first clothing line was on men’s wear, then he followed with a women’s clothing line. Both lines had tremendous positive impacts on his business. Giorgio Armani’s clothing line was an enormous hit in Europe, even in the present times.
His design for actor Richard Gere’s wardrobe led to his booming business in America. It was featured on a 1980 blockbuster film American Gigolo. This is when his designs have piqued interests among the American crowd. He had provided designs for a famous tv series, Miami Vice. From there, big names started to wear his designs like John Travolta and Jodie Foster.
His business wasn’t all ups, he also had experienced downs in his business journey. One of the most significant downs was the loss of his great partner, Sergio Galeotti. Nevertheless, he pursued his career and proved that he can be a designer and executive at the same time. Even if he had little experience in handling his business, he didn’t want to give up on his dream of expanding his company.
From then on, Armani decided to create product lines that are less exclusive and less expensive as compared to his luxury designs. He introduced Armani Jeans and Armani Exchange, both are more casual and trending urban clothing. Selling to potential clients in the economic class.
Many speculations were present for his launch of Armani Jeans. How would a luxury brand start to go more commercial? Despite all these skeptics, Armani was not shaken. He took it as a challenge that he can reach both high class and economic clients.
Starting there, his company grew more and became an empire. He has released product lines for accessories, home furnishing, restaurants, car interiors, chocolates and most recently, hotels. Armani has stores and branches worldwide. Up to date, he is the sole owner of his brand. He has not sold any part of it. He oversees everything on his huge empire.
Giorgio Armani had garnered a lot of awards, in proxy of the celebrities and icons who wore his designs. Here are notable awards he earned throughout his career in fashion.
· CFDA International Award (1987)
· Promoted Officer of the Legion of Honour (2008)
· Bambi for Creativity (2009)
· John B. Fairchild Honor (2019 British Fashion Awards)
· Outstanding Achievement Award (2019 The Fashion Awards)
Favorite Quotes from Giorgio Armani
“The long and short of it for me is that the entrepreneur is the one who at the end decides yes or no, and I like that, even though it’s a lot of responsibility.” – Giorgio Armani
“I supposed it would have been great to invent something as classic and enduring as the tuxedo. But if I was collecting royalties, I wish I’d invented the corkscrew.” – Giorgio Armani
“In this business, you can’t have a destination, an arrival point. Otherwise, your competitors will overtake you, or you become complacent.” – Giorgio Armani
“As for me, right now I don’t see the need to remove any brands because they work, they have their customer base. Why should I create a problem where there isn’t really.” – Giorgio Armani
3 Lessons and Advice from Giorgio Armani
He is one of the designers who started from scratch and made his way up to the top. Without a doubt, we can learn more on his journey.
Stick to Your Vision and follow your conscience.
He emphasized the sexuality of clothes, and his vision was to make clothing that is both classic and meticulously designed. A vision that he would stick to throughout time. He believed that fashion should evolve rather than change every year.
According to Armani, remain true to yourself and philosophy. Do you say yes to something that could make you a lot of money but don’t align with what you believe in? Opportunities will continue to come your way.
You don’t need to compromise for who you are to be a successful entrepreneur. He firmly believed that the heart of success is building successful relationships. Maintaining a positive interaction with his community and consumers is a significant step to healthy business growth.
Stretch your brand.
The most effective way is to sell more variations of products to existing clients. Look for ways to expand your business and adding new offerings. If your clients are happy with what they bought from you, chances are they’ll buy again even if you released different product lines. Your consistency producing the best in line with your brand will help maintain loyal customers for your business.
Don’t be hasty instead, be rational.
From a 2015 interview, this was his advice to young entrepreneurs, “I would advise them not to be hasty, to have a realistic vision of themselves and think, “am I good at this job or not? Am I or am I not up to that” This self-awareness is already a major plus.”
Giorgio Armani, a legacy in the fashion industry, built an empire despite his humble background.
Accidentally stumbled upon the world of fashion but firmly believed in his vision. It was not easy for him at the very beginning but he pursued and persevere. For a fact, he still owns all of his brands, he hasn’t sold any portion of it. As of September 2020, Giorgio Armani’s net worth is $8.6 Billion.
He said on an interview in 2015,” They (customers) found my way of doing fashion very consistent but also very innovative. I think this was the secret of my success.” He consistently produced his signature minimalist and perfect tailored style and grew love and loyalty from his clients and customers.
He values his relationships with actors and actresses. Not only those but also to larger companies for his other products like perfumes, car interiors and home furniture. As mentioned above, he firmly believes that building positive relationships is the heart of success.