Fashion icon Giorgio Armani has confirmed that he has founded the Giorgio Armani Foundation.

The Giorgio Armani 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.

“I decided to create the Giorgio Armani Foundation in order to implement projects of public and social interest,” said Armani, 82, whose fortune is estimated by Forbes at $5.9 billion.

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.