Three months before his 90th birthday, Giorgio Armani is hinting at the possibility of big changes at his Italian fashion empire once he’s no longer in charge.
After fighting for years to keep Giorgio Armani independent as mergers and acquisitions reshaped the luxury sector, the billionaire designer now says he won’t rule out his company someday combining with a bigger rival or listing on a stock exchange.
“Independence from large groups could still be a driving value for the Armani Group in the future, but I don’t feel I can rule anything out,” Mr Armani said in a written interview.
“What has always characterised the success of my work is an ability to adapt to changing times.”
It’s a striking shift in tone for Mr Armani, who rose from Milan window dresser to creator of one of the world’s most prominent luxury houses, keeping tight control along the way and dropping few hints about what would happen once he left the scene.
The plans of Mr Armani, who rarely gives interviews and has to date been reticent about discussing succession, have long been a hot topic in the industry.
But the designer now appears more open to ideas for the future, although it will be up to his heirs to evaluate them, he said.
“I don’t currently envisage a takeover by a large luxury conglomerate,” Mr Armani wrote in a series of responses to questions from Bloomberg.
“But as I said, I don’t want to exclude anything a priori because that would be an ‘unentrepreneurial’ course of action.”
Mr Armani, who controls virtually all of Giorgio Armani and has a net worth of $6.6 billion according to the Bloomberg Billionaires Index, is also now leaving the door open to an initial public offering.
“Listing is something we have not yet discussed, but it is an option that may be considered, hopefully in the distant future,” Mr Armani said.
Uncertainty about the future is common in the Italian luxury industry, where many companies are still independent and family-controlled – including Salvatore Ferragamo, Prada, Moncler and Ermenegildo Zegna – and all lack the scale of powerful, acquisitive French rivals LVMH Moet Hennessy Louis Vuitton and Kering.
Over the past 20 years, a handful of Italian luxury companies have opted to sell to the French.
Mr Armani pointedly warned about larger luxury groups who “increasingly have the historic brands in their sights”.
When it comes to succession, I think the best solution would be a pool of trusted people close to me and chosen by me
Giorgio Armani
That could deliver growth on one hand, he said, “but on the other it entails an inevitable shift in values and substantial upheaval, style included”.
Mr Armani confirmed that he would like to leave his company in the hands of a group of confidantes.
The designer has no children, although several relatives serve on the company’s board, and he has long suggested that an extended family of advisers would steer the group.
“When it comes to succession, I think the best solution would be a pool of trusted people close to me and chosen by me,” Mr Armani said, pointing to the leadership of his company’s foundation, particularly Leo Dell’Orco, who has supported the designer in managing the company for years, and his nieces Silvana and Roberta Armani and nephew Andrea Camerana.
“The foundation will decide and govern the future of the Armani group,” the founder said, “because the people closest to me are at the helm.”
Mr Armani also said he does not envisage any single individual taking his place at the head of the company.
“I started out alone with a small company and have transformed it, piece by piece, into a group of international relevance,” Mr Armani said.
But today’s fashion industry is “very different to when I started, so I imagine multiple co-ordinated functions for those who come after me”.
Daniel Kretinsky
The owner of Britain’s Royal Mail said it rejected a £3.1 billion ($3.9 billion) bid from the Czech entrepreneur Daniel Kretinsky because it “significantly undervalues” the company.
International Distributions Services said it turned down the cash offer, worth 320p a share, on April 11.
“The board believes the timing of the proposal is opportunistic,” IDS said in a statement.
“It does not reflect the growth potential and prospects of the company under a new management team, a significant modernisation programme under way at Royal Mail” and the potential for regulatory easing.
Mr Kretinsky’s EP Group, which holds a 27.5 per cent stake, had said earlier in the day that it is considering its options and wants to “engage constructively” with IDS.
Royal Mail is attracting takeover interest from one of Europe’s most acquisitive billionaires after weathering a protracted labour dispute.
EP Group said private investment was crucial for the company, which has struggled to cope with changing trends in the delivery sector.
“Weak financial performance, poor service delivery and a slow transformation, in the face of a market going through structural change, have put the business under unsustainable pressure,” the Czech company said.
Under the UK’s takeover rules, EP Group has until 5pm on May 15 to either announce a firm intention to make an offer for IDS or walk away.
A bid for the formerly state-owned business could face opposition from some UK politicians who have previously voiced their concerns about the stake that Mr Kretinsky already owns.
In recent years, he has quickly built up a portfolio of assets across Europe. In the UK, he also has stakes in the grocer J Sainsbury and the Premier League football club West Ham United.
In France, Mr Kretinsky’s consortium has taken control of the grocer Casino Guichard Perrachon, alongside media investments.
Royal Mail is grappling with a decline in letter-writing and a rise in parcel deliveries due to e-commerce.
Members of the Communication Workers Union voted to accept a new pay deal last year after months of strikes.
Analysts have previously said Mr Kretinsky could look to break up IDS, which also includes the more profitable Amsterdam-based GLS logistics business.
Royal Mail was privatised in 2013. The government sold its remaining stake in 2015.
Pavel Durov
The Telegram messaging app is likely to pass one billion active monthly users within a year as it spreads like a “forest fire”, its billionaire founder Pavel Durov said.
Telegram, which is based in Dubai, was founded by the Russia-born Mr Durov, who left Russia in 2014.
“We’ll probably cross one billion monthly active users within a year,” Mr Durov, who fully owns Telegram, told the US journalist Tucker Carlson in a video interview posted to Mr Carlson’s account on the X social media platform.
“Telegram is spreading like forest fire.”
Mr Durov, who is estimated by Forbes to have a fortune of $15.5 billion, said some governments had sought to pressure him but that the app, which currently has 900 million active users, should remain a “neutral platform” and not a “player in geopolitics”.
One of Telegram's main rivals, Meta Platforms’ WhatsApp, has more than two billion monthly active users.
The Financial Times reported in March that Telegram would probably aim for a US listing once the company had reached profitability.
He said he had opted for the UAE as it was a “neutral country” that wants to be friends with everyone, so he felt it was the best place for a “neutral platform”.
He said that, beyond money and Bitcoin he has no major property such as real estate, jets or yachts as he wants to be free.
Gina Rinehart
Gina Rinehart has amassed an almost 6 per cent stake in Lynas Rare Earths, adding to the iron ore billionaire’s portfolio of stakes in critical mineral producers vital to the energy transition.
Through her private company Hancock Prospecting, Ms Rinehart added 6.6 million shares in the Sydney-listed company for more than A$40 million ($25.7 million), according to a Lynas filing.
The private company has been regularly purchasing the company’s stock last December.
Lynas is one of the only rare earths producers outside China – which dominates the supply chain – with a mine and processing plant in Western Australia and a refinery in Malaysia.
Ms Rinehart’s bet on the green transition made headlines last year as she waded into lithium takeover deals and took stakes in a handful of companies with large footprints across Australia, including Arafura Rare Earths, Liontown Resources and Vulcan Energy Resources.
She joined forces with Sociedad Química y Minera de Chile, the world’s No 2 lithium producer, for the takeover of Azure Minerals, which was approved by shareholders this month.
According to filings associated with the Azure deal, Hancock Prospecting has cash and cash equivalents of A$19.5 billion.
With input from Bloomberg, Reuters and AFP
Our legal consultants
Name: Hassan Mohsen Elhais
Position: legal consultant with Al Rowaad Advocates and Legal Consultants.
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The bio
Who inspires you?
I am in awe of the remarkable women in the Arab region, both big and small, pushing boundaries and becoming role models for generations. Emily Nasrallah was a writer, journalist, teacher and women’s rights activist
How do you relax?
Yoga relaxes me and helps me relieve tension, especially now when we’re practically chained to laptops and desks. I enjoy learning more about music and the history of famous music bands and genres.
What is favourite book?
The Perks of Being a Wallflower - I think I've read it more than 7 times
What is your favourite Arabic film?
Hala2 Lawen (Translation: Where Do We Go Now?) by Nadine Labaki
What is favourite English film?
Mamma Mia
Best piece of advice to someone looking for a career at Google?
If you’re interested in a career at Google, deep dive into the different career paths and pinpoint the space you want to join. When you know your space, you’re likely to identify the skills you need to develop.
The specs
Engine: 3-litre twin-turbo V6
Power: 400hp
Torque: 475Nm
Transmission: 9-speed automatic
Price: From Dh215,900
On sale: Now
Why are asylum seekers being housed in hotels?
The number of asylum applications in the UK has reached a new record high, driven by those illegally entering the country in small boats crossing the English Channel.
A total of 111,084 people applied for asylum in the UK in the year to June 2025, the highest number for any 12-month period since current records began in 2001.
Asylum seekers and their families can be housed in temporary accommodation while their claim is assessed.
The Home Office provides the accommodation, meaning asylum seekers cannot choose where they live.
When there is not enough housing, the Home Office can move people to hotels or large sites like former military bases.
The specs
Engine: 4.0-litre V8 twin-turbocharged and three electric motors
Power: Combined output 920hp
Torque: 730Nm at 4,000-7,000rpm
Transmission: 8-speed dual-clutch automatic
Fuel consumption: 11.2L/100km
On sale: Now, deliveries expected later in 2025
Price: expected to start at Dh1,432,000
Three tips from La Perle's performers
1 The kind of water athletes drink is important. Gwilym Hooson, a 28-year-old British performer who is currently recovering from knee surgery, found that out when the company was still in Studio City, training for 12 hours a day. “The physio team was like: ‘Why is everyone getting cramps?’ And then they realised we had to add salt and sugar to the water,” he says.
2 A little chocolate is a good thing. “It’s emergency energy,” says Craig Paul Smith, La Perle’s head coach and former Cirque du Soleil performer, gesturing to an almost-empty open box of mini chocolate bars on his desk backstage.
3 Take chances, says Young, who has worked all over the world, including most recently at Dragone’s show in China. “Every time we go out of our comfort zone, we learn a lot about ourselves,” she says.
MATCH INFO
Rugby World Cup (all times UAE)
Final: England v South Africa, Saturday, 1pm
Mohammed bin Zayed Majlis
Know before you go
- Jebel Akhdar is a two-hour drive from Muscat airport or a six-hour drive from Dubai. It’s impossible to visit by car unless you have a 4x4. Phone ahead to the hotel to arrange a transfer.
- If you’re driving, make sure your insurance covers Oman.
- By air: Budget airlines Air Arabia, Flydubai and SalamAir offer direct routes to Muscat from the UAE.
- Tourists from the Emirates (UAE nationals not included) must apply for an Omani visa online before arrival at evisa.rop.gov.om. The process typically takes several days.
- Flash floods are probable due to the terrain and a lack of drainage. Always check the weather before venturing into any canyons or other remote areas and identify a plan of escape that includes high ground, shelter and parking where your car won’t be overtaken by sudden downpours.
Jeff Buckley: From Hallelujah To The Last Goodbye
By Dave Lory with Jim Irvin
LIVING IN...
This article is part of a guide on where to live in the UAE. Our reporters will profile some of the country’s most desirable districts, provide an estimate of rental prices and introduce you to some of the residents who call each area home.
Other ways to buy used products in the UAE
UAE insurance firm Al Wathba National Insurance Company (AWNIC) last year launched an e-commerce website with a facility enabling users to buy car wrecks.
Bidders and potential buyers register on the online salvage car auction portal to view vehicles, review condition reports, or arrange physical surveys, and then start bidding for motors they plan to restore or harvest for parts.
Physical salvage car auctions are a common method for insurers around the world to move on heavily damaged vehicles, but AWNIC is one of the few UAE insurers to offer such services online.
For cars and less sizeable items such as bicycles and furniture, Dubizzle is arguably the best-known marketplace for pre-loved.
Founded in 2005, in recent years it has been joined by a plethora of Facebook community pages for shifting used goods, including Abu Dhabi Marketplace, Flea Market UAE and Arabian Ranches Souq Market while sites such as The Luxury Closet and Riot deal largely in second-hand fashion.
At the high-end of the pre-used spectrum, resellers such as Timepiece360.ae, WatchBox Middle East and Watches Market Dubai deal in authenticated second-hand luxury timepieces from brands such as Rolex, Hublot and Tag Heuer, with a warranty.
What are the main cyber security threats?
Cyber crime - This includes fraud, impersonation, scams and deepfake technology, tactics that are increasingly targeting infrastructure and exploiting human vulnerabilities.
Cyber terrorism - Social media platforms are used to spread radical ideologies, misinformation and disinformation, often with the aim of disrupting critical infrastructure such as power grids.
Cyber warfare - Shaped by geopolitical tension, hostile actors seek to infiltrate and compromise national infrastructure, using one country’s systems as a springboard to launch attacks on others.
How being social media savvy can improve your well being
Next time when procastinating online remember that you can save thousands on paying for a personal trainer and a gym membership simply by watching YouTube videos and keeping up with the latest health tips and trends.
As social media apps are becoming more and more consumed by health experts and nutritionists who are using it to awareness and encourage patients to engage in physical activity.
Elizabeth Watson, a personal trainer from Stay Fit gym in Abu Dhabi suggests that “individuals can use social media as a means of keeping fit, there are a lot of great exercises you can do and train from experts at home just by watching videos on YouTube”.
Norlyn Torrena, a clinical nutritionist from Burjeel Hospital advises her clients to be more technologically active “most of my clients are so engaged with their phones that I advise them to download applications that offer health related services”.
Torrena said that “most people believe that dieting and keeping fit is boring”.
However, by using social media apps keeping fit means that people are “modern and are kept up to date with the latest heath tips and trends”.
“It can be a guide to a healthy lifestyle and exercise if used in the correct way, so I really encourage my clients to download health applications” said Mrs Torrena.
People can also connect with each other and exchange “tips and notes, it’s extremely healthy and fun”.
AI traffic lights to ease congestion at seven points to Sheikh Zayed bin Sultan Street
The seven points are:
Shakhbout bin Sultan Street
Dhafeer Street
Hadbat Al Ghubainah Street (outbound)
Salama bint Butti Street
Al Dhafra Street
Rabdan Street
Umm Yifina Street exit (inbound)
Bundesliga fixtures
Saturday, May 16 (kick-offs UAE time)
Borussia Dortmund v Schalke (4.30pm)
RB Leipzig v Freiburg (4.30pm)
Hoffenheim v Hertha Berlin (4.30pm)
Fortuna Dusseldorf v Paderborn (4.30pm)
Augsburg v Wolfsburg (4.30pm)
Eintracht Frankfurt v Borussia Monchengladbach (7.30pm)
Sunday, May 17
Cologne v Mainz (4.30pm),
Union Berlin v Bayern Munich (7pm)
Monday, May 18
Werder Bremen v Bayer Leverkusen (9.30pm)
Day 1, Dubai Test: At a glance
Moment of the day Sadeera Samarawickrama set pulses racing with his strokeplay on his introduction to Test cricket. It reached a feverish peak when he stepped down the wicket and launched Yasir Shah, who many regard as the world’s leading spinner, back over his head for six. No matter that he was out soon after: it felt as though the future had arrived.
Stat of the day - 5 The last time Sri Lanka played a Test in Dubai – they won here in 2013 – they had four players in their XI who were known as wicketkeepers. This time they have gone one better. Each of Dinesh Chandimal, Kaushal Silva, Samarawickrama, Kusal Mendis, and Niroshan Dickwella – the nominated gloveman here – can keep wicket.
The verdict Sri Lanka want to make history by becoming the first team to beat Pakistan in a full Test series in the UAE. They could not have made a better start, first by winning the toss, then by scoring freely on an easy-paced pitch. The fact Yasir Shah found some turn on Day 1, too, will have interested their own spin bowlers.
Day 3, Dubai Test: At a glance
Moment of the day Lahiru Gamage, the Sri Lanka pace bowler, has had to play a lot of cricket to earn a shot at the top level. The 29-year-old debutant first played a first-class game 11 years ago. His first Test wicket was one to savour, bowling Pakistan opener Shan Masood through the gate. It set the rot in motion for Pakistan’s batting.
Stat of the day – 73 Haris Sohail took 73 balls to hit a boundary. Which is a peculiar quirk, given the aggressive intent he showed from the off. Pakistan’s batsmen were implored to attack Rangana Herath after their implosion against his left-arm spin in Abu Dhabi. Haris did his best to oblige, smacking the second ball he faced for a huge straight six.
The verdict One year ago, when Pakistan played their first day-night Test at this ground, they held a 222-run lead over West Indies on first innings. The away side still pushed their hosts relatively close on the final night. With the opposite almost exactly the case this time around, Pakistan still have to hope they can salvage a win from somewhere.
Day 2, Dubai Test: At a glance
Moment of the day Pakistan’s effort in the field had hints of shambles about it. The wheels were officially off when Wahab Riaz lost his run up and aborted the delivery four times in a row. He re-measured his run, jogged in for two practice goes. Then, when he was finally ready to go, he bailed out again. It was a total cringefest.
Stat of the day – 139.5 Yasir Shah has bowled 139.5 overs in three innings so far in this Test series. Judged by his returns, the workload has not withered him. He has 14 wickets so far, and became history’s first spinner to take five-wickets in an innings in five consecutive Tests. Not bad for someone whose fitness was in question before the series.
The verdict Stranger things have happened, but it is going to take something extraordinary for Pakistan to keep their undefeated record in Test series in the UAE in tact from this position. At least Shan Masood and Sami Aslam have made a positive start to the salvage effort.
Series info
Test series schedule 1st Test, Abu Dhabi: Sri Lanka won by 21 runs; 2nd Test, Dubai: Play starts at 2pm, Friday-Tuesday
ODI series schedule 1st ODI, Dubai: October 13; 2nd ODI, Abu Dhabi: October 16; 3rd ODI, Abu Dhabi: October 18; 4th ODI, Sharjah: October 20; 5th ODI, Sharjah: October 23
T20 series schedule 1st T20, Abu Dhabi: October 26; 2nd T20, Abu Dhabi: October 27; 3rd T20, Lahore: October 29
Tickets Available at www.q-tickets.com
Stat Fourteen Fourteen of the past 15 Test matches in the UAE have been decided on the final day. Both of the previous two Tests at Dubai International Stadium have been settled in the last session. Pakistan won with less than an hour to go against West Indies last year. Against England in 2015, there were just three balls left.
Key battle - Azhar Ali v Rangana Herath Herath may not quite be as flash as Muttiah Muralitharan, his former spin-twin who ended his career by taking his 800th wicket with his final delivery in Tests. He still has a decent sense of an ending, though. He won the Abu Dhabi match for his side with 11 wickets, the last of which was his 400th in Tests. It was not the first time he has owned Pakistan, either. A quarter of all his Test victims have been Pakistani. If Pakistan are going to avoid a first ever series defeat in the UAE, Azhar, their senior batsman, needs to stand up and show the way to blunt Herath.
