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Armani’s will instructs heirs to sell or take brand public

Oct 1, 2025 Italy

In his will, the late designer Giorgio Armani instructed his heirs to gradually sell the fashion house he founded 50 years ago or seek a market listing. Priority is to be given to LVMH, EssilorLuxottica or L’Oréal

According to Reuters, the will comprises two documents filed with a notary in March and April of this year, respectively. It stipulates that the heirs should sell an initial 15% stake in the Italian fashion house within 18 months of Armani’s death. They should then transfer a further 30-54.9% stake to the same buyer three to five years after the designer’s death.

The will states that priority should be given to an eventual sale to LVMH, EssilorLuxottica or L’Oréal, but the stake could also be sold to other fashion and luxury companies or groups “that are of equal standing with the groups indicated above, with priority given to groups with which the company already has a partnership”.

In addition, the will grants the Armani Foundation full ownership of the fashion house, as well as usufruct rights over most shares. Meanwhile, longtime collaborator Pantaleo Dell’Orco holds usufruct rights over a 30% stake, and has the final say on any sale. Should Dell’Orco no longer be alive, the decision must be made jointly with Armani’s niece, Silvana, and his nephew, Andrea Camerana.

Should the sale to a luxury goods group not go ahead for some reason, Armani has also left open the possibility of listing the fashion house’s shares on the stock market, either in Italy or in another country with a similarly strong financial sector.

The explicit mention of stake sales and France-listed players as potential buyers came as a surprise when the will was revealed, given Giorgio Armani’s longstanding refusal to relinquish control of his fashion group. However, the documents also includes a safeguard to protect the brand’s legacy: the Giorgio Armani Foundation, established by the designer in 2016, will always retain a minimum 30% stake in the business.

The designer died on the 4^th of September, at 91, and with no children to inherit his fashion empire, which industry analysts value at between 5 billion and 12 billion euros.

Image Credits: harbourcity.com.hk

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