Giorgio Armani’s stunning last will revealed – who gets his billion-dollar empire?

Giorgio Armani last will: The fashion industry is coming to terms with the surprising final wishes of Giorgio Armani, the legendary designer who passed away on September 4 at the age of 91. Known as “King Giorgio,” Armani left no children to inherit his empire, but his will reveals a clear plan for the future of the fashion house he created 50 years ago, as per a report.

Giorgio Armani’s Will Signals a Major Shift in Brand Ownership

In a move that marks a sharp change from Armani’s lifetime of protecting his brand’s independence, the will instructs his heirs to gradually sell the company, as per a Reuters report. Within 18 months, they are to sell an initial 15% stake, followed by another sale of between 30% to 54.9% stake within three to five years after his death, according to the report.

The will names some of the world’s biggest luxury players as preferred buyers: LVMH, L’Oréal, EssilorLuxottica, or another group of equal standing chosen by a foundation set up to preserve Armani’s legacy, alongside Armani’s business and life partner, Pantaleo Dell’Orco, as per the Reuters report.


ALSO READ: Charlotte train stabbing ends Ukrainian Refugee Iryna Zarutska’s pursuit of the 'American Dream'

Alternative Option: Public Listing for Armani's Brand

Alternatively, instead of the sale of the second tranche of shares, the heirs are encouraged to consider a public listing of the company in Italy or on a market of equal status, according to Reuters.

A Surprising Turn for Armani’s Brand Control

This directive is especially surprising given Armani’s long-standing refusal to dilute control or take his company public, as per the report. It could spark competition among luxury giants to acquire a stake in the brand, which continues to hold strong appeal despite recent industry challenges, as per the Reuters report.

ALSO READ: Nepal’s elite under siege: Gen Z protests torch luxury hotels and wealthy residences

EssilorLuxottica Responds to Potential Acquisition Opportunity

EssilorLuxottica, controlled by the heirs of Italian entrepreneur Leonardo Del Vecchio and shares commercial ties with Armani, said that, "We’re proud of the consideration our group and its management received from Mr Armani," adding, "Together with the board we’ll carefully assess such a development prospect given the deep ties already existing between the two groups," as quoted in the report.

ALSO READ: What happens to your uploaded photos on AI chatbots? Are they really private?

Armani’s Legacy: Creative and Managerial Control Until the End

The Italian fashion designer was the sole major shareholder of the company he founded with Sergio Galeotti in the 1970s, maintaining tight creative and managerial control until the very end, according to Reuters.

Armani has left behind a business which generated relatively stable revenue, about 2.3 billion euros ($2.7 billion) in 2024, but whose profits have shrunk amid a broad luxury industry recession, as per the report.

ALSO READ: AI Chatbots' hidden cost: How your questions harm the planet through carbon emissions

Voting Control to Remain with Foundation and Pantaleo Dell’Orco

According to the will, voting control of the company will remain largely in the hands of the Fondazione Giorgio Armani and Dell’Orco, who together will hold 70% of voting rights, reported Reuters. The foundation is set to keep a 30.1% stake if the company goes public, with Dell’Orco chairing its board, alongside a mix of family members and outside experts, according to the report.

Heirs Advised to Consider Other Luxury Firms for Sale

His will also advises heirs to consider other luxury firms with existing commercial ties to Armani when deciding on potential buyers in the future, highlighting the close partnerships with L’Oréal and EssilorLuxottica, as per Reuters.

Analysts Eye LVMH as Likely Buyer of Armani Stake

With LVMH’s market value standing at around 240 billion euros and its reputation for being a supportive minority investor, analysts suggest it may ultimately emerge as the leading candidate to buy a stake in the company, according to the report.

Analysts at Berenberg said that, "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," adding that the group could easily afford to buy Armani, which they valued at between 5 and 7 billion euros, as reported by Reuters.

FAQs

Who inherited Giorgio Armani’s fashion empire?
Armani left no children, so his heirs will manage the empire but are instructed to gradually sell significant stakes, as per the Reuters report.

Who are the preferred buyers of Armani’s shares?
LVMH, L’Oréal, EssilorLuxottica, or a group of similar standing selected by a foundation preserving Armani’s legacy.