The rumor mill must have heaved a sigh of relief with this piece of good news that Giorgio Armani is indeed creating a foundation to protect his company and his legacy. The new was confirmed last week, as reported by Women’s Wear Daily. While the mill has been responsible for numerous reports of designers leaving their brands — most of which were true— they were right on the nose about Giorgio Armani Foundation. To be fair, this was long anticipated given that Armani has remained a private company and the foundation route was a logical one.

It was said in 2012 that the designer was looking for a way to create a foundation that would eventually control his company. Founded in 1975, the brand will now come under the Giorgio Armani Foundation, which will help to protect the Italian brand’s ethical approach to management. The foundation will also focus on innovation, independence, limited debt as well as implementing projects related to public and social interest. Given that Armani turns 82 this year, this move is very late, if anything.

In the luxury trade, the Giorgio Armani Foundation is hardly an anomaly, although it will be the biggest and most public move in recent memory. Savvy readers will of course know that Swiss watchmaker Rolex has been under the control of a foundation for many decades, which is what founder Hans Wilsdorf wanted to protect his company and his customers. Rolex is arguably the biggest single name in watchmaking and has only gotten stronger since Wilsdorf’s death in 1960.