Giorgio Armani Will Directs Gradual Sale of Fashion Empire Stake to Luxury Groups

The recently published will of late Italian fashion designer Giorgio Armani outlines a structured plan for the future ownership of his iconic fashion house. The will directs his heirs to sell a 15% stake within 18 months and an additional 30% to 54.9% to one of three preferred buyers—luxury giant LVMH, beauty leader L'Oréal, or eyewear company EssilorLuxottica—within three to five years after his death, with an initial public offering as an alternative option. The Giorgio Armani Foundation will hold ownership of the company alongside family members and his longtime aide Leo Dell’Orco, who plays a key role in the transition. Armani, who passed away in September 2025, retained tight control over the company he founded in the 1970s and left no children, entrusting the legacy to his foundation and close associates. The plan reflects a preference to maintain the brand within familiar luxury and fashion industry groups, leveraging existing commercial ties amid an industry slowdown affecting profit margins. Despite stable revenues around $2.7 billion in 2024, the company has faced challenges including shrinking profits due to broader economic pressures on luxury brands.