Italy's Giorgio Armani details succession plans, sees five percent fall in revenues

Italian veteran designer Giorgio Armani said that under his succession plans part of his fashion empire will be transferred to a foundation he has recently created in his name and that his heirs will hold the remaining stakes of the group.

In an interview with Corriere della Sera daily published on Monday, Armani said it took 5 years to figure out "the right architecture" for his succession, but still did not say who would replace him at the helm of the company.

The 83-year old entrepreneur said that sales at the group, Italy's second biggest fashion house after Prada, will fall by 5 percent both this year and next and will start growing again from 2019.