Simplify the following text for a Grade 8 native English-speaking person.
Original: He formed his company , Armani , in 1975 , and by 2001 was acclaimed as the most successful designer to come out of Italy , with an annual turnover of $ 1.6 billion and a personal fortune of $ 5.3 billion .
Simplified: He made his company , Armani , in 1974 , and in 2001 was said to be the most successful designer to come from Italy , with a yearly turnover of $ 1.691 billion , and having $ 4.1 billion .