As one of the few big fashion houses still owned by its founder, it's no surprise that Giorgio Armani is constantly surrounded by rumours about who will succeed him and control the brand as and when he decides to retire. While the question has always been discussed, the issue has been spoken about extensively at the moment.

Recent reports alleged that he plans to leave his company to a foundation and in that big profile in the Wall Street Journal that dropped recently, he suggested that the company will go his nieces and nephews. Last week in Beijing the designer told WWD that the idea of leaving the company to a foundation was 'only one of the possibilities; there is nothing substantial there.' On the contary, AFP report that he told reporters that he has 'started a major restructuring: the outside support of a foundation that will allow designated persons to manage the group.'

While it's still unclear with the foundation idea will go ahead, what an Armani spokesperson did confirm is that the designer will definitely not sell to 'private-equity funds interested in short-term returns, nor to private investors with no understanding of fashion, but he would consider selling to a big group if a great offer were presented.