Giorgio Armani – the founder of the luxury Italian fashion house which takes his name – says he plans to retire within the next two or three years.
The 90-year-old, who is Italy‘s most famous fashion designer, has previously brushed off questions about succession plans for the company.
He has remained firmly in control of his empire since he founded it nearly 50 years ago.
But with no children to pass it on to, there has long been speculation about its long-term future.
Armani told the Italian daily newspaper Corriere della Sera: “I can still give myself two or three years as head of the company. Not more, it would be negative.”
When pushed on whether he’d stay longer, he said he would not, before adding: “I can’t sleep at night. I no longer know the deep and peaceful sleep I once had. Now I dream at night, and in my dreams, I build my future.”
Armani said he sees a work future in which “I no longer have to be the one who says ‘Yes’ or ‘No'”.
He said he has received “slightly more insistent” approaches from potential outside investors in his company, but added that “for the moment I do not see any openings”.
Keen to maintain the company’s future independence, he told the Italian newspaper he had “built a kind of structure, a project, a protocol” to govern his succession, but he did not elaborate on specifics.
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Armani initially studied medicine before quitting and joining the army. Moving on to window dressing and sales, he founded his company in 1975, presenting his first ready-to-wear collections under his own name the following year.
A celebrity favourite on red carpets, Armani has developed working relationships with various stars over the years, including Richard Gere, Eric Clapton and Lady Gaga.
Armani’s heirs are expected to include his sister, three other family members who work in the company, his long-term collaborator and partner Pantaleo Dell’Orco and a charitable foundation.