Armani’s Death Puts Fate of Luxury Empire in Hands of Heirs (2)

Giorgio Armani fought for decades to keep the fashion empire he founded independent, as Italian icons like Gucci and Fendi were snapped up by larger luxury chains. It will be his heirs who decide what the future will hold.

The Italian patriarch, whose death at age 91 was announced on Thursday, entrusted the future of Giorgio Armani SpA to close family members and associates who will map the next steps for a company he started in 1975.

Giorgio Armani during Fashion Week in Paris, on Jan. 28.

Photographer: Julien de Rosa/AFP/Getty Images

A fierce protector of his empire during his long career, Armani told Bloomberg News last year he wouldn’t rule out an IPO ...