Late Italian fashion designer Giorgio Armani’s will has revealed a surprising directive for his heirs, who are instructed to gradually sell off stakes in his famed fashion brand or pursue a stock market listing. This news comes following Armani’s passing on September 4 at the age of 91, leaving behind a legacy as a titan of fashion but no direct heirs, as he had no children.
Armani was known for his steadfast commitment to maintaining the independence of his brand, having placed his trust in only a select few during his lifetime. This strong desire for autonomy raised numerous questions regarding the future of his business in an industry increasingly dominated by large conglomerates.
Armani’s name is widely recognized on the red carpet, thanks to his long-standing relationships with numerous high-profile celebrities. However, the contents of his will, which were reviewed by Reuters, present a radical shift in strategy. According to the document, his heirs are to sell an initial 15 percent stake in the fashion house within the next 18 months, with plans to transfer an additional 30 to 54.9 percent stake to the same buyer between three and five years after his death.
The will highlights potential priority buyers, including luxury giants LVMH, beauty powerhouse L’Oréal, and eyewear leader EssilorLuxottica, as well as other entities that are deemed of “equal standing.” A foundation established by Armani to preserve his legacy will play a crucial role in determining the course of these negotiations, with the agreement of Armani’s longtime partner, Pantaleo Dell’Orco. L’Oréal has indicated it will consider the opportunity.
Alternatively, should the sale not materialize, the will suggests exploring an initial public offering either in Italy or in another market of comparable stature. This mention of stake sales, particularly to French-listed companies, starkly contrasts with the designer’s historical aversion to relinquishing control or allowing his brand to be listed publicly, having previously rejected multiple offers to sell his company over the years.
As the creator of iconic unstructured suits, Armani’s influence on global fashion garnered him international acclaim. His brand consistently generated substantial revenue, amounting to approximately 2.3 billion euros (about $4 billion) in 2024; however, profits have faced pressure amid a broader recession affecting the luxury goods sector.
In the wake of his passing, hundreds of mourners gathered in Milan to pay their respects to the influential designer. According to the will, the Fondazione Giorgio Armani and Dell’Orco will hold a combined 70 percent of the voting rights within the Armani group, ensuring substantial influence over future decisions. In the event that a stock market listing occurs, the foundation is slated to maintain a 30.1 percent stake.
The will further suggests that heirs explore potential sales to other fashion and luxury companies with which Armani’s brand has established commercial relationships. As the fashion world absorbs the news of his passing, the future direction of the Armani brand remains a crucial point of interest for both industry insiders and fashion enthusiasts alike.
