Giorgio Armani, the renowned Italian designer whose name became synonymous with understated luxury and timeless style, has left behind a meticulously crafted blueprint for the future of his fashion empire. Armani, who passed away on September 4, 2025, at the age of 91, spent more than five decades building what many consider the world’s most valuable private luxury brand. Yet, in a move that has stunned the fashion industry, his will—published by Italian media on September 12—calls for the gradual sale of a significant stake in the Armani Group, a sharp departure from his lifelong reluctance to cede control.
According to reports from La Repubblica and Reuters, Armani’s will divides his business interests between close family members and the Giorgio Armani Foundation, the latter established in 2016 as a means to secure the designer’s legacy. The document details that 15% of the Armani Group must be sold within 18 months of his death, with a clear preference for three industry giants: French luxury conglomerate LVMH, cosmetics powerhouse L’Oreal, and eyewear leader EssilorLuxottica. If none of these companies take up the offer, the will allows for a sale to another fashion group of “similar standing.” Failing that, a public stock market listing—preferably in Milan—remains a final alternative.
The will’s instructions don’t stop there. Over the next five years, Armani’s heirs are directed to sell an additional 30% to 54.9% of the company to the same buyer. This phased approach is designed to ensure a stable transition, protecting the house’s reputation and identity even as it changes hands. The buyer of the initial 15% stake is to be granted a seat on the Armani board and a matching 15% of the voting rights, a move likely to attract intense interest from the world’s top luxury conglomerates.
For decades, Armani was a rarity in Italian fashion, refusing to yield to the advances of suitors like LVMH, Gucci (now under the Kering umbrella), and the Agnelli family, founders of Fiat. He remained the sole shareholder and creative force behind the Armani Group, shaping its image with a near-obsessive attention to detail. As Reuters notes, Armani’s final wishes—carefully revised last spring, in part by hand on the back of a sepia-colored envelope—reflect the same thoroughness that defined his career.
Under the terms of the will, the distribution of Armani Group shares is both complex and intentional. The largest slice, 40%, goes to Pantaleo (Leo) Dell’Orco, Armani’s longtime partner, collaborator, and head of menswear. Dell’Orco is also set to control 40% of the voting rights and will chair the Giorgio Armani Foundation, ensuring continuity at the top of the organization. The foundation itself will initially hold a 10% direct stake, but with 30% of the voting rights and the option to acquire other shareholders’ stakes if they pass away. Together, Dell’Orco and the foundation will effectively steer the company’s future.
Other family members are also included in the succession plan. Armani’s sister Rosanna and his niece Roberta are each allotted a 15% non-voting share, while niece Silvana (head of womenswear) and nephew Andrea Camerana each inherit 15% with full voting rights. The foundation’s 10% share, though seemingly modest, is strategically significant because it comes with a disproportionate share of voting power. The will specifies that the foundation must always retain at least a 30.1% stake in the company, a legally binding provision under Italian law designed to safeguard Armani’s legacy for generations to come.
One particularly notable instruction is that Dell’Orco’s shares should be sold at twice the pace of those held by other family members, accelerating his exit from ownership but not from influence, as he will retain considerable voting rights as long as possible. The proceeds from the company’s eventual sale will be distributed among the family and the foundation according to their shareholdings. The foundation’s 10% share will be split equally among the five principal family members, ensuring all are provided for.
Armani’s will also addresses his substantial personal fortune, including a 2.5% stake in EssilorLuxottica, valued at approximately €2.5 billion (about $2.93 billion). This holding will be divided among family and senior company managers. Michele Morselli, head of Armani’s real estate company, will receive 100,000 shares worth more than €26 million, while director generals Giuseppe Marsocci and Daniele Ballestrazzi, along with two other senior managers, will each receive 7,500 shares. The remaining EssilorLuxottica shares will be split, with 40% going to Dell’Orco and 60% to family members.
For those who have followed Armani’s career, the decision to orchestrate a gradual sale is both surprising and, in some ways, fitting. He was always a designer who planned for the long term, famously saying, “Elegance is not about being noticed, it’s about being remembered.” Now, he seems determined to ensure that his brand—built on essential, modern, elegant, and understated design—will be remembered and protected, even as it adapts to changing times.
Adding a poignant touch, the will also includes instructions for the creative direction of the brand. According to La Repubblica, Armani wrote that future collections should be guided by “essential, modern, elegant and understated design with attention to detail and wearability.” The last Emporio Armani and Giorgio Armani collections designed by the maestro himself will be presented during Milan Fashion Week, opening on September 23, 2025. Additionally, a special exhibition at the Pinacoteca di Brera will mark the 50th anniversary of the signature fashion house, offering a fitting tribute to a man whose vision shaped global style.
For now, the Armani Group has declined to comment on the details of the will or the future sale. However, EssilorLuxottica has acknowledged the honor of being named a preferred buyer. As a spokesperson for the eyewear giant put it, “We’re proud of the consideration our group and its management received from Mr Armani.”
While the luxury market has faced headwinds in recent years, with stagnating revenues across the sector, the prospect of acquiring even a minority stake in the Armani Group is expected to ignite fierce competition among the world’s top luxury houses. After all, Armani’s legacy is not just a matter of business—it’s a story of Italian creativity, independence, and an unwavering commitment to quality.
As the fashion world awaits the next chapter for the Armani brand, one thing is certain: Giorgio Armani’s influence will continue to be felt, not only in the clothes people wear but in the way the business of fashion is conducted. The path he has set for his heirs is both a challenge and an opportunity—one that will keep the industry watching closely for years to come.
