Giorgio Armani founded his company in 1975, and it appears he may be ready to pass the baton.

The 75-year-old designer, who hosted a cocktail party at Moscow's GUM department store last night, is finally talking about his succession, reports WWD.

"I understand that eventually I will have to pass things on. I am already organizing an entire team around me who understands what I do and will be, at some point, ready to step in and continue what I do," Armani told reporters in Moscow yesterday, according to the site.

The always put-together designer seemed ageless until he suffered a bout of hepatitis this past summer. Now the fashion industry is abuzz about who will takeover his prestigious post.

Who do you think would be the best candidate to succeed Armani?

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Armani may be planning to step down, but he certainly isn't slipping. The designer just appointed this hot young actress as the new star of his Emporio Armani Underwear campaign.