Giorgio Armani leaves behind multibillion dollar fashion empire • FRANCE 24 English

Giorgio Armani leaves behind multibillion dollar fashion empire • FRANCE 24 English

We can say hello to Cammy Knight who joins me in the studio. Hi Cami. So one of our top stories, you’re returning to one of our top stories, the death of legendary Italian designer Giorgio Armani. As well as being an iconic fashion designer, he was of course the head of a multi-billion dollar business empire. That’s right. Giorgio Armani will be remembered for a number of things, of course, but one of them is that unlike most of fashion businesses, he never sold even a part of his company to an outsider. He was both the CEO and sole shareholder of the company that reported a revenue of more than $2 billion in 2024. And over the years, the group received several approaches from several potential investors. But Armani always ruled out any potential deal. In fact, to ensure Armani retained its independence after his passing. He even set up a foundation in 2016 to make sure the company wouldn’t be broken up. Luke Shreger has more on how he built his empire. Giorgio Armani wasn’t just a fashion icon. He was a shrewd businessman too and his deaf style both in couture and the boardroom made the brand what it became. He changed the way that the world dresses especially the way we consider tailoring and suiting but also as a businessman with a huge empire that he started by selling his beetle car. It’s, you know, it’s a fairy tale story which also speaks of a lot of hard work, craft, foresight, um, and being a visionary. From early beginnings, striking out independently in 1975, Armani gained a boost thanks to introducing his designs to a mass audience through Hollywood in 1980 and began building what would become an empire worth over 10.3 billion euros. He prioritized long-term sustainability over short-term profit and avoided risk through diversity, expanding from fashion to accessories, fragrances, home decor, and hotels. He also maintained the brand’s sense of exclusivity by avoiding social media frenzies and constant celebrity endorsements. But the one thing that kept his company on course was his refusal to allow anyone else to take control. Unlike all too many other fashion houses, Armani never sold out to luxury conglomerates or investors. It’s an exploitation of the work of so many years. I wouldn’t want to see all that ground down only so whoever gains from it gains from it. And then what happens to my business? That preoccupation lasted Armani’s entire life to the point he established a charity foundation to safeguard the business against future takeovers. a move that will likely ensure his empire will remain independent following his death. Now, in other news, Thursday was a crucial step in Donald Trump’s efforts to reshape the Federal Reserve. His Fed nominee, Steven Myron, was grilled by the Senate’s banking committee as lawmakers consider whether to confirm him as the newest member of the Fed’s board of governors. Now, just for a bit of bang background, Myron is one of Trump’s key economic advisers, and he was one of the main architects of his tariff trade policy, something Democrats and Fed allies say will put an end to the Fed’s independence. Let’s hear from some of the exchanges that took place. Dr. Myron’s tenure will be tainted. No one, not the American public, not investors here at home, not the worldwide financial markets will trust him as an independent voice. Every claim he makes and every vote he takes will be tainted with the suspicion that he isn’t an honest broker, but instead is Donald Trump’s puppet. Congress wisely tasked the Fed with pursuing price stability, maximum employment, and moderate long-term interest rates. If confirmed, I will transparently and honestly work towards that pursuit with the goal of preserving a stable and healthy economy that benefits all Americans. Now, with Republicans in control of the committee, there’s not much that can get in the way of Myron’s confirmation. Republican lawmakers are keen to move quickly on confirming Myron because they want him to take part in the September rate setting meeting. Myron would occupy a seat that was unexpectedly vacated by Fed Governor Adriana Cougler last month. So, his term would technically end uh at the end of January, though Trump can renominate him to a full 14-year term, which he suggested he might do. Now, of course, the future of Governor Lisa Cook still hangs in the balance after Trump tried to fire her amid allegations she committed mortgage fraud. A federal judge is reviewing new court filings with the Trump administration and could rule as early as Thursday whether she can remain as Fed governor while the legal battle continues. Meanwhile, at the White House, First Lady Melania Trump was making a rare public appearance to discuss artificial intelligence with top industry leaders. She called on private and public sector leaders to prepare children for the growth of AI. Let’s hear from her. Innovations of first generation humanoids, factory automination and autonomous vehicles have searched from private sector investment. Every one of these advancements, its power by AI. The robots are here. Our future is no longer science fiction. That meeting took place just hours before Trump hosted dinner for nearly two dozen big tech leaders, including Meta CEO Mark Zuckerberg, Apple CEO Tim Cook, and Open AI founder Sam Alman. Now, let’s take a look at the day’s trading action. Now, overall, European stock markets closing higher on Thursday, though France’s Garand did end in negative territory. Danish renewable energy firm Orstead performed particularly well, its shares closing higher after the company sued the Trump administration to prevent it from blocking the completion of a wind farm off the coast of New England. Travel stocks, meanwhile, were the worst performers after Jet 2 announced it expected earnings to come in lower than it previously thought. Stocks in the US, meanwhile, rose as traders await the August jobs report out Friday. Most indexes trading up 6%. Private hiring data, meanwhile, came in weaker than expected. Something that could justify a September interest rate cut. Back with plenty more market updates in an hour’s time. Great stuff. Thank you, Cammy. Cammy Knight there with the latest in the world of business. Stay with us here on Primes Paris. We’re going to take a short break.

Giorgio Armani directed an empire that generated 2.3 billion euros in 2024… and never sold any part of his company to an outsider. Meanwhile, Donald Trump’s Fed nominee Stephen Miran was grilled by the Senate Banking Committee as he tried to convince them he intended to preserve the Federal Reserve’s independence. Plus, Melania Trump made a rare public appearance to talk AI with some top industry leaders.

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