Giorgio Armani’s Will Directs Heirs to Sell Fashion Empire Stake

Giorgio Armani, the iconic Italian fashion designer who passed away at 91, left detailed instructions in his will for the future of his fashion empire, signaling a significant shift from his lifetime control. He designated 40% of the company to his longtime collaborator Leo Dell’Orco, 15% each to his niece and nephew who lead womenswear and menswear lines respectively, and 30% to the Armani Foundation, which will maintain a permanent stake and appoint a CEO. Crucially, Armani instructed his heirs to sell an initial 15% minority stake within 18 months, prioritizing luxury conglomerates LVMH, EssilorLuxottica, and L’Oréal as preferred buyers. The will also contemplates a further sale of up to 70% to the same buyer after three to five years, with an IPO as a fallback if no buyer is secured. This move reflects Armani’s desire to ensure strategic continuity and financial stability while potentially integrating the brand into a larger luxury group, with LVMH considered the most likely candidate due to its extensive luxury portfolio. Armani also emphasized that the company should continue to uphold ethical management, innovation, and elegant style in line with his founding principles.