Giorgio Armani, the celebrated Italian fashion designer whose name became synonymous with modern elegance and refined style, has died at the age of 91, the Armani Group confirmed on Thursday.

"It is with immense sadness that the Armani Group announces the passing of its creator, founder and tireless driving force: Giorgio Armani," the fashion house said in a statement reported by Reuters.

Armani, known as “Re Giorgio” or King Giorgio, was renowned not only for his creative vision but also for his keen business acumen.

Under his leadership, the Armani brand grew into a global powerhouse with an annual turnover of approximately 2.3 billion euros ($2.7 billion).

The designer, who had been unwell in recent months, missed Milan's Men's Fashion Week in June, marking the first time in his career that he was absent from one of his shows.

"Il Signor Armani, as he was always respectfully and admiringly called by employees and collaborators, passed away peacefully, surrounded by his loved ones," the company said.

The statement called Armani as "indefatigable to the end," adding that he "worked until his final days, dedicating himself to the company, the collections, and the many ongoing and future projects."

Armani was known for overseeing every detail of his work, from the styling of models’ hair on the runway to the direction of his advertising campaigns.

His approach helped cement his reputation as one of the most influential figures in fashion history.

A funeral chamber will be open to the public in Milan on Saturday and Sunday, the company announced. A private funeral will follow at a later, unspecified date.

With inputs from Reuters