The famous Italian fashion designer and entrepreneur who created a billion-dollar empire has died at the age of 92. The death was confirmed by his company, Armani Group. Il Signor Armani, as he was always respectfully called by his employees and colleagues, died peacefully, surrounded by his loved ones, the company said in a statement, describing the founder as a tireless driving force.

"In this company, we have always felt like part of a family," the brand said in a statement on behalf of his family and employees."Today, we feel a deep void left by the one who founded and nurtured this family with vision, passion and dedication. But in his spirit, we, the employees and family members who have always worked alongside Mr. Armani, commit to safeguarding what he built with respect, responsibility and love," they added.

Missed a fashion show in June

Earlier this summer, we reported that Armani had skipped one of his fashion shows for the first time in his decades-long career. He missed two shows at Milan Fashion Week due to health issues. Last year, he announced that he planned to retire this year.

Who will inherit?

In a fashion world dominated by conglomerates such as LVMH and Kering, Armani was one of the few designers to remain the sole shareholder of his company. There is no apparent heir to Armani's company, which analysts at Bloomberg Intelligence estimate is worth between 8 billion and 10 billion euros by 2024.

For the first 23 years, he didn't care about fashion

Giorgio Armani was born in 1934 in the northern Italian city of Piacenza. Before entering the fashion industry, he studied medicine for three years in Milan and then joined the army.

It was only after a job at the Milanese department store La Rinascente that he turned to fashion. He initially worked as a window dresser, then held several different jobs, through which he gained valuable experience in the fields of textiles and fashion. In the mid-sixties, he was employed by the fashion house Cerruti, where he worked as a fashion designer for several years. There he met the architect Sergio Galeotti, who became his life and business partner.

Fifty years ago, in July 1975, he and his partner founded their brand. A year later, his first collection was sold at Barney's in New York, where a television commercial was also filmed.

His fashion house has several different lines, which have also expanded to include haute couture, ready-to-wear, accessories, beauty products and makeup, jewelry, interior design, and luxury hotels in cities such as Milan, Paris, New York, Tokyo, Seoul, and Shanghai.