Giorgio Armani’s will was unsealed on Thursday, revealing the designer’s carefully outlined plans for the allocation of his $9.6 billion fortune following his death at the age of 91 on September 4. The document sheds light on the future of his eponymous fashion house alongside the distribution of his extensive assets.
Before his passing, Armani held a staggering 99.9% ownership of his namesake company, with the Armani Foundation, established in 2016, maintaining the remaining 0.1% to ensure continuous guidance for future management. In an unexpected move, Armani directed his heirs to sell a 15% stake in the business within 18 months, nominating three potential bidders: LVMH, led by Bernard Arnault; L’Oréal, partly owned by Françoise Bettencourt Meyers; and EssilorLuxottica, the global leader in eyewear, partly owned by the heirs of Leonardo Del Vecchio, who passed away in 2022. Alternatively, Pantaleo Dell’Orco, Armani’s trusted right-hand man for decades, has the authority to seek out additional buyers from similar-sized luxury fashion groups.
The will stipulates that within five years of Armani’s death, his heirs must offload between 30% and 54.9% of the company to the successful bidder. Should a sale not transpire, they are tasked with taking the firm public on an Italian stock exchange or a market of similar stature. Until that time, control will rest with Dell’Orco and Armani’s immediate family members, ensuring the legacy of the brand remains stable during the transition.
Notably, the foundation’s share will increase to 10%, while Dell’Orco inherits a significant 30% stake. The remaining 60% is distributed equally among Armani’s heirs: his sister Rosanna, her son Andrea Camerana, and his two nieces, Silvana and Roberta. Despite the division of shares, voting rights will remain predominantly with Dell’Orco and the foundation, controlling a combined 70% of votes until the first sale occurs.
Dell’Orco, who joined Armani in 1977 and has been pivotal in leading its menswear division, is poised to navigate this new chapter. His role became more public starting in 2021, coinciding with his appearances alongside Armani at events like Milan Fashion Week.
Armani’s nieces and nephew also play crucial roles within the company. Silvana, who began her career as a model and is now head of the womenswear line, and Roberta, who oversees global communications and brand partnerships, are set to continue their uncle’s legacy. Andrea, also part of the board, represents the next generation of family involvement while Rosanna, the last surviving sibling of Armani, holds no formal role.
Forbes values the Armani brand at approximately $5.6 billion, with the rest of his wealth attributed to his investments, luxury homes, and a 2% stake in EssilorLuxottica, which is estimated at $4 billion. Following the unearthing of the will, it appears all five heirs are now billionaires, with Dell’Orco being the wealthiest at $2.3 billion.
The will further details the real estate holdings of Armani, dividing properties among his heirs through a holding company called L’Immobiliare. These properties include a historic home in central Milan, a Mediterranean villa, and luxury residences in locations such as Saint-Tropez and Antigua. The will meticulously specifies the division of furniture and access to various properties, demonstrating the designer’s intent to maintain order in the distribution of his extensive holdings.
In addition to familial bequests, Armani’s will also benefits key associates, including a monetary allocation for his real estate manager Michele Morselli and shares in EssilorLuxottica and Italian government bonds distributed among other executives. This comprehensive approach not only underscores Armani’s legacy but also reflects his commitment to those who contributed to his illustrious career.
As the high-profile fashion house navigates through this transitional period, the future remains uncertain following a challenging year in 2024. With revenues dropping significantly, the survival of the brand will depend on both the strategic choices of its heirs and the allure of its longstanding heritage in the fashion industry.
