Giorgio Armani to hand down fashion label

Giorgio Armani, world-renowned fashion designer, is in talks to relinquish control over his self-titled fashion label.

The 77 year old Italian designer has never accepted outside capital for the company and plans to keep his fashion empire in the family.

Three of his nephews are involved with Armani; two of them are designers.

Last week, Armani spoke with reporters about plans for his company.

"Hand the group to an investment fund that would sell it after 2 years? Yield to a private investor who thinks he can treat clothes like cars? It doesn't interest me," he said.

He added, "I work for the future of my company. I have started a major restructuring: the outside support of a foundation that will allow designated persons to manage the group."

Armani will be 78 in July.

(Source)