In a surprising turn after a lifetime of fiercely guarding his fashion empire from outside suitors, the late Giorgio Armani instructed his heirs to sell a 15% minority stake in the business, prioritizing offers from luxury industry leaders such as LVMH, eyewear titan Essilor-Luxottica, and cosmetics giant L’Oreal.
Armani’s business will, made public by the Italian daily La Repubblica on Friday, reveals a carefully planned succession aimed at both preserving control and allowing strategic partnerships with major luxury conglomerates.
The legendary Italian designer, who passed away on September 4 at age 91, assigned control of 40% of the Armani empire to Leo Dell’Orco, his longtime collaborator and head of menswear. His niece, Silvana Armani, head of womenswear, and nephew Andrea Camerana each received 15% stakes. The Armani Foundation, established in 2016 as a succession vehicle, holds the remaining 30%.
While Armani remained a rare example of Italian fashion independence resisting overtures from groups like LVMH, Gucci’s Kering, and the Agnelli family his will now envisions partial opening of the company through a minority sale. The foundation is to sell the 15% stake between one and 18 months after Armani’s death, with preference given to LVMH, Essilor-Luxottica, L’Oreal, or a comparable fashion group.
Additional family members, including niece Roberta Armani and sister Rosanna Armani, were given non-voting 15% shares, ensuring family involvement without diluting management control.
Armani’s personal fortune also includes a 2.5% stake in Essilor-Luxottica, valued at €2.5 billion ($2.93 billion), with most of this stake divided among Dell’Orco and family members. His wealth further extends to luxurious properties in Milan, New York, Pantelleria, and St. Tropez.
The final fashion collections personally designed by Armani for Emporio Armani and Giorgio Armani will debut later this month at Milan Fashion Week, opening on September 23. The milestone 50th anniversary of the Armani brand will be celebrated with a special exhibition at Milan’s Pinacoteca di Brera.
In his will, Armani emphasized that future collections should uphold the house’s signature ethos of “essential, modern, elegant and understated design with attention to detail and wearability.”
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