Giorgio Armani creates legacy foundation

Italian designer Giorgio Armani

Fashion designer Giorgio Armani confirmed rumors on Friday that he has founded the Giorgio Armani Foundation, reports Women's Wear Daily.

The foundation will focus on implementing projects related to public and social interest, and intends to safeguard the brand's ethical approach to management, attention to innovation, focus on independence and limited debt.

Rumors first emerged in 2012 that Armani was thinking of creating a foundation that would eventually control his company. Armani founded his Italian fashion house in Milan in 1975.