FT : Tag Heuer revisits watch carbon oscillator after past setback

Tag Heuer revisits watch carbon oscillator after past setback
Swiss brand aims to boost precision of high-end models and elevate consumer perceptions

Against the backdrop of an industry downturn, at Geneva Watch Days this week Tag Heuer unveiled a technical innovation it says introduces a “new paradigm in mechanical watchmaking” that will “enchant” consumers disillusioned by the effects of global social, political and economic crises.

According to the brand, the new TH-Carbonspring oscillator is a carbon hairspring that will make its watches more resistant to environmental interference, and therefore more accurate and reliable.

“Some people will say it’s not the moment to show these things,” says Tag Heuer’s chief executive Antoine Pin of the company’s invention. “But the essence of luxury is to surprise and create emotions. And when times are tough, people are looking for a silver lining and you need to enchant. We will stand out with our energy, enthusiasm and positivity, because that’s what this industry has to be.”

Pin says the innovation, which is set initially only to appear in Tag Heuer’s high-end watches, will elevate consumer perceptions of his brand. “We are suffering these days from the fact people don’t see us as a manufacture, but this achievement positions us as the alternative to this big conglomerate of the Swatch Group, Patek [Philippe] and Rolex who developed the silicium [silicon] spring,” he says, referring to technologies developed over the past 20 years that are credited with improving the daily performance of some mechanical watches.


“It’s giving us the independence that we want to have and status as a manufacture,” he continues. “Sometimes people talk about Tag Heuer as a marketing brand, but forget we have 700 people working in our manufactures and that Tag Heuer is one of the biggest manufacturers in Switzerland.”

According to Pin, Tag Heuer is growing this year, despite the crisis engulfing the Swiss watch industry. “Our sellout globally is positive this year, which isn’t the global trend,” he says, citing the impact of the brand’s return as Formula 1 timekeeper. “Brands that are doing well are the brands showing a stronger feeling of value than the actual value of the product.”

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Pin says there was a SFr50mn ($62.1mn) investment in the Tag Heuer Lab that developed TH-Carbonspring, but that it will take years for the technology to trickle down into the brand’s main collection. For now, TH-Carbonspring won’t be shared with Tag Heuer’s sister brands in the LVMH stable. Recent announcements by the French luxury conglomerate’s watch division had indicated greater collaboration between its brands, which include Bvlgari, Hublot and Zenith.

Tag Heuer has some form in developing carbon oscillators. Six years ago, it introduced the Isograph, a system that at the time it said had taken three years to develop and included “the world’s first hairspring made of a carbon composite”. But the spring failed and shortly after launch watches carrying the components were recalled. The company has since invested six years of research and development into resolving issues identified in the previous technology. Tag Heuer says that after thousands of hours of testing, the new technology won’t suffer the same fate.

While the Isograph recall was kept quiet at the time, Pin isn’t shying away from it now. “We make mistakes and we fail,” he says. “But we also surpass our failure and we move on. I believe that we have not been expressing this human side of us.” He adds: “Sometimes it’s boring if you only see successful people on the red carpet.”

At Geneva Watch Days this week, where Tag Heuer is one of more than 60 exhibiting watch brands, it introduced the first watches that will carry the TH-Carbonspring. The Monaco Flyback Chronograph TH-Carbonspring will cost SFr17,000 and be delivered in December; the Carrera Chronograph Tourbillon Extreme Sport TH-Carbonspring will be SFr40,000 and arrive next year. Both have black forged carbon cases and black carbon dials engraved with a spiral motif as a nod to what lies beneath.

“Tag Heuer is emotion beyond technology,” says Pin. “And you could say the same thing about Formula 1. Its success is because it’s expressed emotions beyond the technology. I’m extremely proud of the fact we didn’t give up. This is Tag Heuer. It’s about accepting we can fail, but refusing resignation.”

FT : Uranium shortfall threatens nuclear energy renaissance, industry warned

Uranium shortfall threatens nuclear energy renaissance, industry warned
Association predicts a ‘significant gap’ between supply and demand unless new sources are found

A renaissance for nuclear energy threatens to create a shortfall in the supply of uranium, with the industry body urging producers to step up efforts to find new sources as output from the current crop falls.

Global uranium requirements for reactors are set to rise by a third to 86,000 tonnes by 2030, and to 150,000 tonnes by 2040, according to a report from the World Nuclear Association on Friday.

But output from today’s mines is expected to halve between 2030 and 2040 as existing deposits are exhausted, leaving a “significant gap” that threatens the nuclear power revival.

The report called on the industry to secure investment to locate more uranium and extract it from current as well as new and idle mines to avoid a supply crunch.

“As existing mines face a depletion of resources in the next decade, the need for new primary uranium supply becomes even more pressing,” it warned. “Considerable exploration, innovative mining techniques, efficient permitting and timely investment will be required.”

Nuclear energy has enjoyed a surge in interest as governments look to secure more domestic sources of power. The energy crisis that followed the outbreak of the Ukraine war and the loss of Russian oil and gas has been a powerful driver for some European countries.

Leading technology companies are also eyeing nuclear as a way to fuel the massive data centres needed for power-hungry artificial intelligence technologies, with the power source seen by some as a cleaner alternative to burning fossil fuels.

Yet as big producers, including Kazatomprom and Cameco, have in recent weeks announced uranium production cuts, analysts at Berenberg warned of “meaningful” risks to supply that could “materially” push up prices.

Industry figures who gathered at WNA’s annual symposium this week said addressing the looming supply gap would not be straightforward.

Mark Chalmers, chief executive of US uranium company Energy Fuels, said he expected to see “more companies cutting their guidance,” in part thanks to ageing mines becoming less productive.

“The whole ecosystem needs to be in equilibrium, and it’s not,” he said. “There are clouds on the horizon.” 

Nuclear capacity is set to almost double to 746 gigawatts of electric power globally by 2040, said the report, with much of the increase stemming from new reactors in China and India. 

Yet establishing new uranium mines to feed the growing demand is a complex and lengthy process. It can take 10-20 years from the discovery of uranium to a mine beginning production.

The report also called on the industry to invest in the complex conversion and enrichment processes that turn uranium into reactor fuel.

Russia is a major source of uranium enrichment, a concentrated market that has been a problem since the outbreak of the Ukraine war.

Jacques Peythieu, a senior executive vice-president at French uranium producer Orano, said the west could break its dependence on Russian enrichment by the “early 2030s.”

While Orano was expanding its enrichment facilities, “most” of the new capacity coming online from 2028 had already been allocated to customers, he said. 

FT : Stablecoin group Tether holds talks to invest in gold miners

Stablecoin group Tether holds talks to invest in gold miners
Boss of crypto company that posted first-half profits of $5.7bn has called the precious metal ‘natural bitcoin’

Tether, the world’s biggest stablecoin company, has held talks about investing in gold mining, seeking to deploy its vast crypto profits into bullion.

The company has held discussions with mining and investment groups about investing in the entire gold supply chain, from mining and refining to trading and royalty companies, according to four people familiar with the recent talks. 

While gold has been a physical store of value for thousands of years and bitcoin has only existed as a digital instrument since 2009, there is a growing affinity between some industry executives.

Tether chief executive Paolo Ardoino has likened gold to “natural bitcoin”. “I know people think that bitcoin is ‘digital gold’,” he said in a speech in May. “I prefer to think in bitcoin terms — I think gold is our source of nature.”

However, within the conservative gold mining sector, Tether’s interest has been greeted with surprise — and questions about whether the unconventional newcomer will succeed. “They like gold. I don’t think they have a strategy,” said one mining executive. 

Others are sceptical. “It is the weirdest company I have ever dealt with,” said one commodity industry executive. 

One of the world’s most profitable crypto companies, Tether runs the USDT token, which is pegged to the US dollar and has a market capitalisation of $168bn, and generated profits of $5.7bn in the first half of this year. Tether is also one of the biggest holders of US Treasuries, making its money from the interest it earns on the bills it holds to back the token — the world’s most traded cryptocurrency.

Ardoino is a big advocate of gold and has previously said the metal should be a safer asset than any sovereign currency, and can be a complement to bitcoin.

Tether has already amassed a significant position in bullion — with $8.7bn of gold bars in a Zurich vault, according to financial statements, which it uses as collateral for its stablecoin. 

In June Tether Investments, which is in charge of investing the company’s profits, paid $105mn for a minority stake in a gold royalty company, Toronto-listed Elemental Altus.

Several people familiar with Tether’s thinking said it has held discussions with multiple gold royalty companies, which invest in mines in return for a percentage of future revenues. It is considering further royalty deals, including further investments into Elemental Altus, these people said.

Tether separately held talks with Terranova Resources, a gold mining investment vehicle based in the British Virgin Islands, though these did not result in a deal, the people said.

It also runs XAUt, a crypto token backed by physical gold, although the token has small uptake compared to its main stablecoin, with a market capitalisation of $880mn.

Tether has also built a significant position in commodity trade finance, providing short-term finance for cargoes of raw materials, with a trading book that has grown into the billions, according to industry insiders.

Tether did not respond to requests for comment.

Other companies are also starting to try to bridge the gap between digital currencies and gold. 

Blue Gold, a Nasdaq-listed company with a Ghanaian mine whose licence is contested, is planning to launch digital tokens for its future output, said chief executive Andrew Cavaghan.

“I believe a gold-backed token could really take off globally as a form of currency, because people can really feel how real it is — because they can convert it into stuff, or they can convert it into gold,” he said. 

>>> What to look at today - 5th of September 2025

A Wall Street stock rally extended into Asia as further signs of a cooling labor market reinforced bets that the Federal Reserve will cut interest rates this month. Asian shares gained 0.7% while indexes in mainland China rebounded after a slump Thursday. Futures for the S&P 500 rose 0.2% after the gauge closed at a record high. Contracts also pointed to a stronger open for Europe. Japanese stocks advanced after President Donald Trump signed an executive order implementing his trade agreement with Japan. Treasuries steadied after Thursday’s rally with the policy-sensitive US two-year yield hovering near a one-year low. Money markets are almost fully pricing in a Fed cut and see at least two by year-end. The dollar slipped against Group-of-10 peers, while gold headed for a third weekly gain. The action reflected the latest readings on hiring and unemployment claims before Friday’s jobs data, which is expected to extend the weakest stretch of US job growth since the pandemic. Slowing demand, rising costs and Trump’s unpredictable trade policies have cooled hiring, adding pressure on the Fed to shore up the labor market. Elsewhere, Trump signed an executive order implementing his trade agreement with Japan, under which the US will impose a maximum 15% tariff on most of its products. The deal, including a promise that Japan will create a $550 billion US investment fund, was reached in July, but had yet to be formalized as Washington and Tokyo haggled over its terms.  Japan’s top trade negotiator, Ryosei Akazawa, who was in Washington this week for talks, met with Trump on Thursday, according to a US official.
Meanwhile, Trump said he would be imposing tariffs on semiconductor imports “very shortly” but spare goods from companies like Apple Inc. that have pledged to boost their US investments. In China, the CSI 300 Index rose almost 1% on Friday after the gauge slid 2.1% in the previous session following a report that financial regulators are considering a number of cooling measures after the market’s blistering 10% rally in August. Traders are now positioning themselves for the key US jobs reading. Consensus forecasts peg nonfarm payrolls having grown 75,000 in August, which would mark a fourth straight month of job growth below 100,000. The unemployment rate is seen rising to 4.3% — the highest level since 2021.  In the run-up to the data, figures showed US jobless claims rose to the highest since June. Private-sector payrolls increased by 54,000, according to ADP Research data, missing estimates. Hiring plans fell to the weakest level for any August on record, according to Challenger, Gray & Christmas. Lackluster employment figures released after the July meeting have prompted greater concern, and Fed Chair Jerome Powell recently signaled a rate cut could be warranted, citing a “shifting balance of risks.” In commodities, oil fell for a third day, heading for a weekly decline ahead of an OPEC+ meeting that may see the group sign off on another supply hike.  US After Hours AVGO +4.2%, GWRE +13.8%, IOT +10.2%, DOCU +7.1% higher on earnings; LULU -15.2% sharply lower on earnings; MIR +7.1% on news it will join S&P SmallCap 600.

Nikkei +0.89% Hang Seng +0.86% CSI +1.01% Shanghai +0.44% Shenzen +1.85%

Eur$ 1.1670 CNH 7.1321 CNY 7.1357 JPY 148.18 GBP 1.3462 CHF 0.8041 RUB 81.3375 TRY 41.2520 WTI$ 63.39 -0.14% Gold 3.557 +0.33% BTC 111,560 +1.04% ETH 4,336 +0.69%

S&P +0.23% Nasdaq +0.42% EuroStoxx +0.38% FTSE +0.24% Dax +0.38% SMI +0.23%

Macro :
- Ex-Pimco Money Manager’s Hedge Fund Gets $200 Million CPP Cash
- Gemini, Figure IPOs Are Said to Be Well Oversubscribed
- US Drops Proposed Cash Penalty Rule for Disrupted Flight:Reuters
- Trump Administration Moves to Ease Rules for Self-Driving Cars
- Tether Holds Discussions to Invest in Gold Miners: FT

Keep an eye on :
- AAL LN : Anglo Boosted Valterra Stake Sale Size Following Strong Interest
- AAPL US ; Apple’s India Sales Hit Record $9 Billion After Big Retail Push
- AGX US : *ARGAN SHARES SINK 18% POSTMARKET AFTER RESULTS
- ASHM LN : Ashmore FY Adjusted Ebitda Misses Estimates
- BBVA SM : SEC Grants BBVA Relief to Lower Sabadell Acceptance Threshold
- BMW GY : BMW Seeks Tariff Side Deal Beyond US-EU Agreement, CEO Tells FAZ
- AVGO US : Broadcom to Help OpenAI Create AI Chip to Take On Nvidia
- CIFR US : Cipher Mining Aug. Bitcoin Mined 241
- 1COV GY : UAE’s Adnoc Says EU Probe Risks Derailing Covestro Deal
- EI FP : VSP Vision Said in Talks to Buy PAI-Backed Eyewear Firm Marcolin
- GILD US : Gilead Partners With US on HIV Drug for Countries in Need
- GOOGL US : Trump Says Google CEO Pichai Doing Incredible Job
- HEXAB SS : Cadence to Buy Hexagon’s Design & Engineering Unit for EU2.7B
- LULU US : Lululemon Falls on Slashed Outlook as Sales Growth Slows
- MB IM : Mediobanca Investors Tendered 40.4% Stake in Paschi Bid: Filing
- NOD NO : Nordic Semiconductor Offers $100 million Shares, Nordic Semiconductor Offering Prices at NOK150/Share
- OMV AV : OMV Plans to Cut Up to 2,000 Jobs to Lower Costs, Kurier Says
- ORSTED DC : Orsted Cuts FY Ebitda Excluding Items Forecast
- ROG SW : Roche Gets CE IVDR Approval for HER2 Test Label Expansions
- SAF FP : Safran Mulls Sale of Plane Interiors Assets of Up to €1.5b: FT
- TIT IM : Italy Competition Watchdog Clears Poste’s Telecom Italia Stake
- TEMN SW : Temenos Names Takis Spiliopoulos Interim CEO
- TSLA US : Trump Administration Moves to Ease Rules for Self-Driving Cars
- TTE FP : TotalEnergies Sees Capex Falling After 2025 Amid ‘Softer’ Market
- VOW GY : EV Maker Rivian Cuts 1.5% of Jobs Before R2 Production Start

>>> Europe : Brokers Upgrades & Downgrades - 5th of September 2025

>>> Up
* Amazon Raised to Buy at Punto Casa de Bolsa
* ASML Raised to Buy at UBS
* Enento Group Raised to Accumulate at Inderes; PT 17 euros
* Generali Raised to Outperform at Mediobanca SpA; PT 37 euros
* HarbourVest Global Raised to Overweight at Barclays
* HSBC Raised to Outperform at BNPP Exane; PT 1,100 pence
* QPR Software Raised to Reduce at Inderes; PT 58 euro cents
* Sartorius Raised to Buy at Stifel; PT 230 euros
* STMicro Raised to Outperform at BNPP Exane; PT 26 euros
* STMicro ADRs Raised to Outperform at BNPP Exane

>>> Down
* Admiral Cut to Sell at Peel Hunt; PT 2,350 pence
* Apax Global Alpha Cut to Equal-Weight at Barclays; PT 165 pence
* BioArctic Cut to Sell at Nordea; PT 220 kronor
* DKSH Cut to Underperform at BNPP Exane; PT 55 Swiss francs
* HgCapital Cut to Equal-Weight at Barclays; PT 570 pence
* NatWest Cut to Underperform at BNPP Exane; PT 520 pence
* NB PE Partners Cut to Underweight at Barclays; PT 1,510 pence

>>> Initiation
* Hermes ADRs Rated New Outperform at BNPP Exane; PT $326.60
* Ralph Lauren Rated New Buy at William O'Neil

>>> Call

>>> Stoxx 600 Pre-Market Indications

  • Hexagon (HXG TH) +7.5%
    • Cadence to Buy Hexagon’s Design Business for $3.2 Billion (1)
  • Sartorius (SRT3 TH) +2.2%
    • Sartorius Raised to Buy at Stifel; PT 230 euros
  • STMicro (SGM TH) +1.9%
  • ASML (ASME TH) +1.6%
  • ASM Intl (AVS TH) +1.6%
  • Adyen (1N8 TH) +1.6%
  • Ageas (FO4N TH) +1.1%
  • HSBC (HBC1 TH) +1.1%
  • E.On (EOAN TH) -0.4%
    • E.On Sells Czech Unit Gas Distribution to GasNet; No Terms
  • Adidas (ADS TH) -0.9%
    • Watch European Sportswear Companies as Lululemon Slashes Outlook
  • Puma (PUM TH) -1.3%
    • Watch European Sportswear Companies as Lululemon Slashes Outlook
  • Orsted (D2G TH) -4.3%
    • *ORSTED SEES FY EBITDA EX-ITEMS DKK24B TO DKK27B, EST. DKK26.07B

>>> Stoxx 600 Pre-Market Indications

DAX:
  • Sartorius (SRT3 TH) +2.2%
  • E.On (EOAN TH) -0.4%
    • E.On Sells Czech Unit Gas Distribution to GasNet; No Terms
  • Adidas (ADS TH) -0.4%
    • Watch European Sportswear Companies as Lululemon Slashes Outlook
MDAX:
  • Evotec (EVT TH) +1.2%
  • Puma (PUM TH) -1.3%
    • Watch European Sportswear Companies as Lululemon Slashes Outlook
SDAX:
  • Grenke (GLJ TH) +4%
  • PVA TePla (TPE TH) -0.3%

>>> US After Hours Summary: AVGO +4.2%, GWRE +13.8%, IOT +10.2%, DOCU +7.1% high

After Hours Summary: AVGO +4.2%, GWRE +13.8%, IOT +10.2%, DOCU +7.1% higher on earnings; LULU -15.2% sharply lower on earnings; MIR +7.1% on news it will join S&P SmallCap 600

After Hours Gainers:

Companies trading higher in after hours in reaction to earnings/guidance: BRZE +14.6%, GWRE +13.8%, IOT +10.2%, TTAN +8.9% (also partnership with Roto-Rooter), ZUMZ +8.4%, BBCP +7.2%, DOCU +7.1%, AVGO +4.2%, PATH +3.8%, SWBI +2.9%, CPRT +1.2%

Companies trading higher in after hours in reaction to news: MIR +7.1% (to join S&P SmallCap 600), BILL +7% (Starboard takes sizeable position; activist campaign could follow, according to Reuters), CLPT +3.5% (FDA clearance for Nuero Laser Therapy System), TRTX +0.8% (authorizes new $25 mln share repurchase program), MARA +0.7% (August Bitcoin production), MAX +0.7% (repurchases 3.23 mln shares in private transaction), AMRX +0.5% (FDA approves Risperidone ER Injectable Suspension), DOV +0.4% (launches PEARLO Compact System), COHR +0.4% (announces debut of its EDGE FL30 fiber laser), CIFR +0.4% (August Bitcoin production and operations update), CDNS +0.4% (to acquire the D&E business of Hexagon AB for €2.7 bln), HHH +0.4% (reports $1.2 bln in sales at launch of newest luxury residential towers), COST +0.3% (August same store comps), LGIH +0.2% (reports August home sales)

After Hours Losers:

Companies trading lower in after hours in reaction to earnings/guidance: LFVN -15.5%, LULU -15.2%, CURV -13.8%, NX -12.3%, PHR -10.5% (also to acquire AccessOne), AGX -7.4%, AMBQ -6.9%

Companies trading lower in after hours in reaction to news: API -1.2% (expanded support for OpenAI's Realtime API), OBIO -1.1% (presents AVIM Therapy clinical data), CRNC -1% (files patent infringement lawsuit against Apple), AIR -0.9% (awarded new contract by Defense Logistics Agency), SG -0.5% (CFO retires, names new CFO), GCL -0.3% (stock offering by selling shareholders), CBOE -0.1% (August trading volume)

WWD : Giorgio Armani Dies in Milan

Giorgio Armani Dies in Milan
The designer has died aged 91.

MILAN – Giorgio Armani, one of the most influential and globally known Italian fashion figures of the late 20th century and a pioneer of the celebrity-fashion juggernaut, has died in Milan. He was born in Piacenza on July 11, 1934.

“In this company, we have always felt like part of a family,” his employees and his family stated on Thursday. “Today, with deep emotion, we feel the void left by the one who founded and nurtured this family with vision, passion, and dedication. But it is precisely in his spirit that we, the employees and the family members who have always worked alongside Mr. Armani, commit to protecting what he built and to carrying his company forward in his memory, with respect, responsibility, and love.”

The funeral chamber will be set up from Saturday to Sunday and will be open from 9 a.m. to 6 p.m., in Milan, at Via Bergognone 59, inside the Armani/Teatro. In accordance with Mr. Armani’s explicit wishes, the funeral will be held privately.

The designer, who held the role of chairman, chief executive officer and creative designer, was gearing up to mark his namesake company’s 50th anniversary with a fashion show and party later this month.

On June 20, ahead of his menswear Giorgio Armani and Emporio Armani spring 2026 shows, the company issued a brief statement announcing that the designer was not going to take his final bow at either event and that he was “currently recovering at home” without providing additional details, except that in his place, Leo Dell’Orco, head of menswear design, would take the final bow at the shows.

Armani, whose languid tailoring was viewed as revolutionary in the ’70s and ’80s, also built one of the most admired privately held business empires in the industry – one of the few remaining – spanning everything from T-shirts to evening gowns, candles to hotels and residences, perfumes to skin care — a behemoth group that closed 2023 with net revenues of 2.44 billion euros. At the end of 2023, net cash and financial investments amounted to a whopping 1.03 billion euros.

While staying true to his own vision and strategy throughout his life, he also took bold decisions to ensure the long-term success of his company. After building a diversified portfolio of brands, in 2017 the designer unveiled a new brand strategy for the Milan-based group, revealing his decision to cease the Armani Collezioni and Armani Jeans brands and use only the Giorgio Armani, Emporio Armani and A|X Armani Exchange monikers, effective with the spring 2018 season, adapting to the increasingly changing and competitive market. He launched his couture line, Armani Privé, in 2005, generally shown in Paris.

The year 2016 marked the first time the designer — who turned 90 on July 11, 2024 — revealed details about the future of his company, confirming he had established the long-rumored Giorgio Armani Foundation which, while aiming to fund social projects, also ensured that his $3 billion fashion group will live on.

“I decided to create the Giorgio Armani Foundation in order to implement projects of public and social interest,” said Armani at the time. “The foundation will also safeguard the governance assets of the Armani Group and ensure that these assets are kept stable over time, in respect of and consistent with some principles that are particularly important to me and that have always inspired my activities as a designer and an entrepreneur.

“These founding principles are based upon: autonomy and independence, an ethical approach to management with integrity and honesty, attention to innovation and excellence, an absolute priority to the continuous development of the Armani brand sustained by appropriate investments, prudent and balanced financial management, limited recourse to debt and a careful approach to acquisitions,” he added.

While vocal over the years about his aversion to sell, take on a business partner or publicly list the company, rumors about Armani contemplating forming a foundation emerged in 2012. The foundation reflected a key priority for Armani — independence, which he sought to maintain over the years, especially since the year 2000 when rumors about a possible sale to LVMH Moët Hennessy Louis Vuitton or then-Gucci Group and L’Oreal swirled around the fashion house.

Since he burst onto the scene in 1975, Armani singlemindedly and sure-handedly championed a modern wardrobe based on an unstuffy and uncontrived aesthetic that earned him a wide and loyal customer base, from the corporate world through to Hollywood A-listers and artists including Sophia Loren, Robert De Niro, Cate Blanchett, Tom Cruise, Glenn Close, George Clooney, Tina Turner and Jodie Foster, to name a few.

Even though he had started his brand years before, Armani really rocketed to international fame in 1980 by dressing Richard Gere for the title role in “American Gigolo” and he went on to become one of the first go-to designers for stars attending the Oscars.

The energetic and overachieving designer, and hands-on manager of his company, built his name into one with a value that ranks among Coca-Cola and Microsoft in Interbrand’s annual listings. “Only I know what I want and my message has to be consistent from beginning to end,” he told WWD in 2005.

Yet Armani spurned the overtures of deep-pocketed investors that clamored for his company during the luxury sector’s acquisition spree in the late ’90s. He preferred to be his own boss and learned to be a shrewd businessman, especially after the 1985 death of his companion and business partner Sergio Galeotti.

“It came as a surprise to me that Giorgio was such a strong businessman in addition to being a talented designer,” said Nino Cerruti, in a 2005 interview celebrating Armani’s 30th anniversary.

Forever clad in jeans and a fitted blue T-shirt to show off his taut, gym-toned physique, Armani worked for Cerruti in the early stages of his career, researching fabrics and trends and designing ties and shirts. Once he set out on his own, Armani expanded his company with the tenacity and meticulousness that characterized his career from day one.

Giorgio Armani Parfums and Cosmetics, under license to L’Oréal, ranks as one of the biggest designer beauty franchises in the world. The French beauty giant since 1988 has developed Armani’s fragrances, skin care and makeup in close collaboration with the Italian designer and in March 2018, it and the designer agreed to renew their beauty license until 2050.

Meticulous, frugal and involved in all aspects of the business, Armani put his stamp of approval on everything from skirt lengths and the flowers strewn around at gala dinners to the colors of the curtains in the offices. Whenever he made an appearance on a photo set or at an event, you could hear his nervous staff murmuring “Sta arrivando,” referring to Armani’s imminent arrival. And the air instantly filled with tension.

A workaholic, Armani would occasionally indulge in la dolce vita: sailing on his Maìn yacht, entertaining at his holiday home on the Mediterranean island of Pantelleria, dining with family at Nobu inside his Milan Via Manzoni Emporio Armani megastore, or spending a quiet night at home watching one of his favorite films, such as Alfred Hitchcock’s “Notorious.” He launched his home and interior design line Casa in 2000, and counted beautiful houses in Antigua; St. Moritz; Tuscany’s beach resort Forte dei Marmi, St. Tropez and Broni, near his hometown of Piacenza.

He always worked tirelessly and passionately—admitting in his later years that he had sacrificed his own personal life for the company—and was only once forced to publicly explain he was recovering from an illness. This was in 2009, when he said he had suffered a case of hepatitis.

Just as his fellow fashion greats Yves Saint Laurent, Valentino, Cristobal Balenciaga, Coco Chanel and Christian Dior, Armani struck a new fashion chord when he launched his signature label. In fact, “the Maestro,” as he was often called, paved the way for Italian ready-to-wear and the Made in Italy brands when he showed his first menswear collection in 1974. His womenswear collection, introduced in 1975, quickly became known for easy shapes and masculine cuts with feminine qualities. Since uptight styles and ornate detailing weren’t up his alley, Armani pursued a less-is-more template of deconstructed suits, fashioned in fluid fabrics such as viscose and wool crepes.

While he sometimes dared shots of strong color like orange and fuchsia, the word “greige” was devised to describe his color palette of muted shades of grays, taupes and beiges. His fashions came at a time when women were climbing the rungs of the corporate ladder and needed to dress accordingly. But instead of overwrought banker’s pinstripes, Armani did it his way, delivering formality in a softer and more feminine manner. He said he wanted women “to wear jackets like men without losing anything of their feminine allure.”

In more recent years, fleeting trends and other fashion antics sometimes sidetracked Armani, especially on the runway, where aviator hats or tricky pants — from bloomers to loose, low-crotch styles — won him barbs from critics. When he tried to blaze new trails, the designer felt haunted by the damned-if-you-don’t, damned-if-you-do syndrome. Once, in the early ’90s, he showed pouf silhouettes that raised eyebrows. “I loved them, but people said, ‘Well, it’s pretty, but it’s not Armani,’” he said at the time. “It’s difficult to convince these people that, even if it’s not Armani, it must be done.”

But when Armani had something to say, he didn’t hold back. Self-assured and temperamental, he never refrained from slamming his colleagues, who in his eyes generated more dash than cash. He often took the gloves off with the press, developing a love-hate relationship. On the one hand, he used the media to broadcast his new projects or vent his frustrations with the industry and designers that he accused of turning fashion into a circus. On the other, he criticized the press for dedicating too many pages to unwearable designs.

“There was always that desire to shock by showing a bare behind — a cheap trick that will only make people speak badly about fashion. I’m sure it will make a lot of magazine covers, but where is the fashion in it?” he once asked. Yet, while Armani took pride in making clothes that sold and left nudity and vulgarity to others, he was nevertheless one of the most recognizable faces in the industry. “I’m only just now getting used to being called king, but if someone wants to call me an emperor, that’s fine by me,” he joked in 2004. In general, he thoroughly enjoyed the attention when he mingled with his customers and fans, to the point that, when he opened the Armani Privé lounge in Milan, he was known to swing by for drinks and chat up patrons.

Armani’s mother Maria played a great role in his life and influenced his sense of fashion to the point that his two yachts bore her nicknames, Mariu and Main. She died in 2001. “She was never a particularly gushy or emotional person; she was quite reserved. She just said, ‘Bello’ when she saw the first collections,” Armani said of his mother. His father, papà Ugo, a shipping manager who worked hard to support his family, died in the early ’60s.

In 1950, Armani moved to Milan, a place he remembers thinking of as a big, scary city, to study medicine, but he threw in the towel after two years to become an assistant buyer for La Rinascente, Milan’s top department store, where he started creating eye-catching store windows. His first hands-on fashion design experience came between 1964 and 1970, when he landed a job at Hitman, Nino Cerruti’s men’s clothing line. In 1972, Armani and Galeotti opened a studio on Corso Venezia. To furnish the two modest rooms, they used the money they made by selling a car.

After designing his first collection in 1974, Armani and Galeotti founded Giorgio Armani S.p.A in 1975, forging a formidable team and creating their own label of men and women’s ready-to-wear.


While Armani suffered emotionally from Galeotti’s premature death, his business acumen and focus hardly faltered as the company gained momentum in the ’80s thanks in large part to the lucrative licenses he signed with the now-defunct storied Italian manufacturer Gruppo Finanziario Tessile (GFT).

This new undertaking, which soon evolved into an inspirational new business paradigm for other firms, launched Armani Le Collezioni and Emporio Armani. Armani was also among the first to understand the importance of licensing details in such key categories as his booming beauty and fragrance division, and forged a formidable partnership with L’Oréal.

He unveiled his first Giorgio Armani women’s fragrance in 1982 and today boasts a dizzying 40-plus scents between men and women for the various lines. He also has a bestselling color cosmetics and skin care line. “I’m very involved in every activity of my business, including the fragrance and cosmetics projects. I love the challenge of creating [something] new. It is never that easy, but always rewarding in the end,” was Armani’s mantra when creating a new product.

That creed also applied to his agreement with Emaar Properties to develop luxurious Armani Hotels and Resorts around the globe, a venture formed in 2005. The first opened in 2010, occupying eight floors of the world’s tallest building, the Burj Khalifa in Dubai. The sumptuous 160-room hotel boasts eight restaurants, a spa and three retail outlets.


In 2011, an Armani Hotel opened in Milan, leaving a further, permanent mark on the city that houses his headquarters. “I like the idea of being remembered not only for my clothes, and I like to bring an element of luxury that adds prestige to the city,” said the designer upon the opening. “I love the Milanese and their sincere and direct approach. We hired 200 employees to work at the hotel. This is what I would like to happen going forward, for young people to find a job.”

The Milan hotel is opposite the city’s prestigious Via Montenapoleone shopping street, and near the La Scala Theater and is located in the 1937 building that also houses Armani’s Via Manzoni flagship. The latest Armani hotel being built is in Diriyah, a 300-year-old site located a 15-minute drive from Riyadh, in the Kingdom of Saudi Arabia.

In 1996, the designer raised a big Emporio Armani sign over a hangar at Linate– a genius stroke of branding in the pre-social media age with hundreds of millions of passenger eyeballs locking on it — and still doing so — as they taxi into, and out of, Linate. In September 2018, Armani decided to hold his coed Emporio show in that hanger, ending it with a performance by Robbie Williams for a crowd that numbered 2,300, including members of the public who won tickets to the event.

In 2006, Armani launched his One Night Only extravaganza, often showing his couture Privé collections and traveling through London in 2006; Tokyo in 2007; Beijing in 2012; Rome and New York in 2013; Paris in 2014; Dubai in 2021 and in Venice in 2023.


In October last year, the designer flew to New York to celebrate the opening of his company’s new building on Madison Avenue, entirely redesigned to include residential units, an Armani/Ristorante and the new Giorgio Armani and Armani/Casa boutiques. Coinciding with the unveiling, Armani decided to parade his namesake brand’s spring 2025 collection in New York and not in Milan.

In 2015, marking his company’s 40th anniversary, he unveiled his Armani Silos exhibition space—walking tirelessly up and down the four levels of the 48,600-square-foot building, in a restored granary of the Nestlé company and constructed in 1950. Armani, whose Tadao Ando-designed Theater stands on the opposite side of the street, conceived and oversaw the renovation project himself. The building is modeled after a basilica layout, an open space four floors high with two levels of naves overlooking it on either side. The ceilings are painted black in contrast to the gray cement floors. In addition to his own designs, Silos presented over the years exhibitions of photos by the likes of Larry Fink and Sarah Moon. He also launched the Filmaking Workshop at Silos, offered free of charge, which will allow participants to produce a short film, partnering with the likes of Luca Guadagnino.

Armani’s achievements earned him a string of high-profile awards that started with the Neiman Marcus Fashion Award in 1979 and included two of Italy’s highest honors — the Commendatore dell’Ordine al Merito della Repubblica and Grand’Ufficiale dell’Ordine al Merito della Repubblica. Others on the long list include the CFDA’s Best International Designer and Lifetime Achievement Award for menswear and for art and fashion, while, in 2006, he was awarded an honorary degree from London’s Central Saint Martin’s College and one in industrial design from the Politecnico of Milan. In 2008, French President Nicholas Sarkozy gave Armani the Legion d’Honneur. In 2019, WWD bestowed him the John B. Fairchild Honor award, named after WWD’s legendary publisher who was a longtime and ardent supporter of Armani – even wearing his clothes for years.

Armani also served as Goodwill Ambassador for the United Nations High Commission for Refugees and in 2003, he was honored on the Rodeo Drive Walk of Style.

In 2014, Armani’s nephew Andrea Camerana, a counselor and former licensing director at his uncle’s fashion house, left his operations role, but remained on the board. Camerana is the son of the designer’s sister Rosanna, who also works in the company. He was often mentioned as a possible successor to Armani as chairman of the group. Roberta Armani, who is the daughter of the designer’s late brother, Sergio, is actively involved in the company, in charge of the group’s relations with high-profile celebrities and often acting as Armani’s deputy on social occasions around the world as the face of the company. Her sister Silvana is part of the design team.