Giorgio Armani, the 88-year-old king of Italian couture, is the world’s richest fashion designer, with a net worth of $11.5 billion, according to the Forbes 2023 World Billionaires List.
Other fashion designers on the list include Ralph Lauren, who has a personal wealth of $7.2 billion, and Miuccia Prada, who has a personal fortune of $5.4 billion, Moreover, Domenico Dolce and Stefano Gabbana round out the top five, each with $2.1 billion.
Among the “poorer” fashion billionaires is Kim Kardashian. Her net worth of $1.2 billion stems principally from her shapewear and cosmetics lines, as well as a successful reality TV franchise.
One of Italy’s richest men, Armani has made his fortune as the king of the power suit.
Armani became an international name after the 1980 film American Gigolo, where actor Richard Gere’s character famously wore the label almost exclusively. Much of his brand’s success has come from dressing Hollywood A-listers for the annual Academy Awards and other events.
He is the sole owner of his brands, a rarity in the fashion world. Unlike many of his contemporaries, he has repeatedly refused to sell his company over the years.
The net revenue of the privately held company rose to €2.02 billion ($2.23 billion) in 2021, up 26.3 per cent from 2020, according to Reuters. Figures for 2022 have not yet been released.
Meanwhile, Lauren, 83, is executive chairman and chief creative officer of Ralph Lauren.
He has seen his fortune fluctuate over the years, from $7 billion in 2015 to $5.5 billion the following year, before rising, falling and then rising again to his current net worth of $7.2 billion, according to Forbes data.
He controls 85 per cent of the voting rights at his fashion empire.
Prada, 73, is the driving force — now co-creative director with Belgian designer Raf Simons — behind the label founded by her grandfather in 1913.
Having inherited the business with her siblings Alberto and Marina, she ran the company with her husband, billionaire Patrizio Bertelli, until January. The company expects revenue to exceed €4.5 billion this year, Mr Bertelli told Reuters in March.
Dolce, 64, and Gabbana, 60, founded their company in 1985. Known for their over-the-top style and animal print designs, their big break came in the early 1990s when pop singer Madonna chose them to create the costumes for her Girlie tour.
Since launching his first ready-to-wear line in 1975 with friend and business partner Sergio Galeotti, Armani has expanded into the couture, diffusion and jeans segments, as well as rolling out perfumes and accessories bearing his name.
