Italian fashion designer Giorgio Armani, founder of the luxury brand carrying his name, has died at the age of 91, the company announced on Thursday.

Armani passed away "peacefully surrounded by his loved ones," the statement said, adding that he remained active in his work until his final days.

He founded the Giorgio Armani brand in 1975, expanding it from fashion to lifestyle and design.

His family and employees will continue leading the company "while respecting and maintaining his values," the statement added.