Late Italian designer Giorgio Armani has instructed his heirs to gradually sell the fashion brand he founded 50 years ago or seek a stock market listing, a move that marks a dramatic departure from his lifelong commitment to independence.
Armani, who died on September 4 at the age of 91, left no children. His will, reviewed by Reuters, directs heirs to sell an initial 15% stake in the fashion house within 18 months of his death, followed by the transfer of an additional 30% to 54.9% between three and five years later to the same buyer.
Priority, according to the will, should be given to luxury powerhouse LVMH, beauty giant L’Oréal, or eyewear leader EssilorLuxottica, or another group of “equal standing” approved by the Fondazione Giorgio Armani and Pantaleo Dell’Orco, his business and life partner.
As an alternative to the second tranche of stake sales, Armani instructed that the heirs pursue an initial public offering, preferably in Italy.
The will’s explicit mention of stake sales to France-listed luxury groups came as a surprise, given Armani’s longstanding refusal to dilute his control or list the group on the stock market. Analysts say the move could spark a race among global luxury players to secure part of the brand, which continues to enjoy strong recognition despite a slowdown in the industry.
EssilorLuxottica, which already has commercial ties with Armani, responded that it would “carefully assess” the possibility of a deal. “We’re proud of the consideration our group and its management received from Mr Armani,” a spokesperson told Reuters.
Over the years, Armani — known as “King Giorgio” and famed for his unstructured suits — had fended off approaches from major players, including John Elkann of Italy’s Agnelli family in 2021 and earlier from Gucci. Until his death, he remained sole owner and creative force of the company he co-founded with Sergio Galeotti in the 1970s.
The group generated €2.3 billion ($2.7 billion) in revenue in 2024, though profits have been squeezed by the global luxury downturn.
Under the will, Armani’s foundation will hold 30% of voting rights, with Dell’Orco controlling 40%, giving them joint control of 70%. The foundation’s five-member board will be chaired by Dell’Orco, alongside Rothschild partner Irving Bellotti, Armani’s nephew Andrea Camerana, and two external members.
Analysts at Berenberg noted that LVMH, valued at €240 billion and with the capacity to afford Armani at a valuation of €5–7 billion, may be the likeliest buyer if a sale proceeds.
Boluwatife Enome
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