Giorgio Armani, the legendary Italian designer who shaped the contours of modern fashion, left the world not just with a legacy of understated elegance but also with a meticulously crafted succession plan that is set to transform his iconic brand. Armani, who passed away on September 4, 2025, at the age of 91, was known for his fierce independence and his reluctance to let outside forces steer his empire. Yet, in a surprising twist detailed in his recently revealed wills, he has instructed his heirs to sell a significant stake in the company he built over five decades, opening the door to some of the world's biggest luxury players.
According to Reuters and La Repubblica, Armani’s business will—deposited with Italian tax authorities on September 11, 2025—calls for the sale of an initial 15% stake in the Armani fashion house within 18 months of his death. Priority is to be given to the French luxury conglomerate LVMH, eyewear giant EssilorLuxottica, or cosmetics powerhouse L’Oreal. The will also outlines a further transfer of between 30% and 54.9% of the company’s shares to the same buyer within three to five years, or, alternatively, a public market listing if no satisfactory sale is reached. The explicit mention of these French-listed companies as preferred buyers comes as a shock to many, given Armani’s lifelong refusal to dilute his control or list the company publicly.
Industry analysts value the Armani empire between €5 billion and €12 billion (roughly $5.9 billion to $14 billion), making the forthcoming sale one of the most closely watched events in the luxury sector in recent memory. As South China Morning Post notes, LVMH—controlled by billionaire Bernard Arnault—expressed that it was "honoured to be named as a potential partner," while EssilorLuxottica and L’Oreal also indicated openness to a deal. EssilorLuxottica, which already has commercial ties with Armani, stated, "We're proud of the consideration our group and its management received from Mr Armani. Together with the board we'll carefully assess such a development prospect given the deep ties already existing between the two groups."
Armani’s will was not a hastily drafted document. Both his business and personal wills were rewritten last spring, partly by hand on the back of a sepia-colored envelope—a testament to the designer’s personal touch and attention to detail. The business will spells out a complex ownership structure: 40% of the company goes to his longtime collaborator and head of menswear, Leo Dell’Orco; 15% each to his niece Silvana Armani (head of womenswear) and nephew Andrea Camerana; and the remaining 30% to the Armani Foundation, which he established in 2016 as a succession vehicle and permanent guarantor of the brand’s values. The foundation’s role is pivotal—it will never hold less than a 30% stake and is tasked with safeguarding the company’s founding principles.
Further complicating the ownership picture, Armani’s niece Roberta and his sister Rosanna were each allotted a 15% non-voting share in the company. Meanwhile, his personal fortune, which includes a 2.5% stake in EssilorLuxottica worth €2.5 billion ($2.93 billion), was distributed with 40% going to Dell’Orco and the rest to family members. His real estate portfolio spans Milan, New York, the Sicilian island of Pantelleria, and St. Tropez on the French Riviera.
The foundation’s executive committee, as reported by AP, emphasized that the documents confirm "Mr. Armani’s intention to safeguard strategic continuity, corporate cohesion and financial stability for long-term development." Their first priority is to name a new chief executive officer, with Dell’Orco expected to chair the foundation’s five-member board, which also includes Rothschild partner Irving Bellotti, Andrea Camerana, and two outsiders. This structure ensures that, even as shares change hands, the core values and creative direction of the company remain intact.
Armani’s instructions for the future of the brand are strikingly clear. He specified that future collections should be guided by "essential, modern, elegant and understated design with attention to detail and wearability." This echoes the philosophy that made Armani a household name, from his revolutionary unstructured suits to the red-carpet gowns adored by celebrities and royalty alike. The final Emporio Armani and Giorgio Armani collections designed by the maestro himself will be presented during Milan Fashion Week, which opens on September 23, 2025. A special exhibition at the Pinacoteca di Brera will mark the 50th anniversary of the fashion house, celebrating a half-century of influence and innovation.
The succession plan also reflects Armani’s awareness of the shifting tides in global luxury. The industry has faced a slowdown, with the Armani Group’s revenue holding steady at €2.3 billion ($2.7 billion) in 2024, but profits have shrunk amid broader economic pressures. The will’s provisions for a potential IPO or sale to a major conglomerate signal a pragmatic approach—one that balances the preservation of Italian heritage with the realities of international competition.
Over the years, Armani had rebuffed overtures from LVMH, Gucci (now part of Kering), and the heirs of Italy’s Agnelli family, maintaining a rare degree of autonomy in a sector increasingly dominated by sprawling luxury giants. As Reuters recounts, even as recently as 2021, John Elkann of the Agnelli dynasty and luxury groups like Gucci sought to acquire a stake, but Armani stood firm. Now, with his passing, the doors are finally open—but only in the carefully prescribed manner he dictated.
The will is not without its ambiguities. It is not immediately clear what would happen if one of the heirs or the foundation fails to fulfill the instructions on share sales. The will lists six different types of shares with varying voting rights, ensuring that the foundation and Dell’Orco together control 70% of the voting rights, thus maintaining a strong Italian hand on the tiller, at least for the near future.
For many in the fashion world, this transition marks both the end of an era and the beginning of a new chapter. The explicit call for a gradual, controlled sale or public listing is a rare move among Italian luxury houses, which have typically guarded their independence fiercely. Yet, as industry experts told Reuters, the Armani brand’s enduring appeal—even amid a luxury recession—means that the race for a stake is likely to be intense. Berenberg analysts noted, "We think that LVMH would likely be the most interested, of the three, in a stake, were it to become available, given the strategic fit."
As the world awaits the unveiling of Armani’s last collections and the outcome of the impending sale, one thing is certain: Giorgio Armani’s legacy will continue to shape fashion, not just in the designs that bear his name, but in the way he choreographed his company’s future from beyond the grave.
