1974 Volkswagen Scirocco designed by Giorgetto Giugiaro
The last several years have not been kind to the great Italian design houses like Pininfarina, Bertone and Italdesign. The first two have run into financial brick walls after getting over extended and required bailouts. Thankfully, Italdesign, founded by Giorgetto Giugiaro in 1968, may have found a white knight to keep it solvent in the form of Volkswagen AG. VW and the studio have a long history going back to the first generation Scirocco and Golf both of which were designed by Giugiaro. Italdesign has also been responsible for numerous VW Group concepts for the last thirty years.
Giorgetto Giugiaro and his son Fabrizio currently own the studio outright, but it appears that Volkswagen may be preparing to take a majority stake in the Italian company. It's not clear if Ital Design will continue doing work for outside clients under VW ownership, or if the elder Giugiaro, 71, plans on retirement.
[Source: Automotive News - sub. req'd]