ROME (Reuters) -Italian fashion designer Giorgio Armani has died, the company said on Thursday.

"With infinite sorrow, the Armani Group announces the passing of its creator, founder, and tireless driving force: Giorgio Armani," the fashion house said in a statement.

Armani, who was 91, was synonymous with modern Italian style and elegance. He combined the flair of the designer with the acumen of a businessman, running a company that turned over some 2.3 billion euros ($2.7 billion) a year.

He had been unwell for some time, and was forced to drop out of his group's shows at Milan's Men's Fashion Week in June, the first time in his career that he had missed one of his catwalk events.

Known as "Re Giorgio" - King Giorgio - the designer was known for overseeing every detail of his collection and every aspect of his business, from advertising to fixing models' hair as they head out on to the runway.

A funeral chamber will be set up on Saturday and Sunday in Milan, the company said, followed by a private funeral at an unspecified date.