Giorgio Armani's nephew steps down as group managing director

MILAN, Italy - Giorgio Armani's nephew Andrea Camerana has left his executive position as managing director at Giorgio Armani SpA to spend more time with his family and explore new business opportunities outside of fashion, the company said on Monday.

Camerana, 44, who has been viewed as a potential successor to Armani by Italian and foreign media, will continue to play "an important role" in the company and keep his seat on the board of directors, the designer said in a statement.

"I would like to emphasise that the decision was made by mutual agreement, and refute any suggestion of friction or internal disagreement," the 79 year-old designer said.

The question of who will take over from the creative director and chief executive of Armani has occupied industry observers for over a decade.

A Giorgio Armani spokeswoman said Camerana would not be replaced.