The future of Giorgio Armani’s fashion empire may soon take a new turn following the late designer’s will, which instructs heirs to either gradually sell stakes in the company or pursue a public stock listing.
Armani, who died on September 4 at the age of 91, had long resisted external control, fiercely guarding the independence of the house he built into one of the world’s most recognizable luxury brands. His death, however, now paves the way for a possible ownership restructuring that could reshape the Italian fashion landscape.
According to the will, heirs must sell an initial 15% stake in the company within the next 18 months. This could be followed by a larger transfer of between 30% and 54.9% of shares to the same buyer over the next three to five years. Alternatively, the heirs may opt for an initial public offering (IPO), either on the Milan Stock Exchange or another global bourse of “equal standing.”
Priority buyers identified in the document include French luxury titans such as LVMH, cosmetics giant L’Oréal, and eyewear powerhouse EssilorLuxottica. The mention of these conglomerates marks a dramatic shift from Armani’s long-held preference for Italian ownership and independence.
The designer famously rebuffed takeover attempts throughout his career, including a 2021 approach by John Elkann of Italy’s Agnelli family and earlier interest from Gucci during Maurizio Gucci’s leadership. Until his death, Armani maintained majority control and close oversight of both the creative direction and business management of the brand.
Despite a loyal customer base and enduring global appeal, the Armani Group faces challenges similar to those of other companies in the luxury sector. In 2024, the company generated revenues of €2.3 billion ($2.7 billion), though profits were squeezed by a broader slowdown in global luxury demand.
Governance of the group now rests with the Fondazione Giorgio Armani and Armani’s longtime business and life partner, Pantaleo Dell’Orco, who together hold 70% of voting rights. Should the company pursue a stock exchange listing, the foundation is expected to retain a 30.1% stake, ensuring continuity of Armani’s legacy.
Analysts say the new roadmap balances legacy preservation with the realities of succession in Italy’s luxury sector. With no children to inherit his empire, Armani appears to have sought a middle path between safeguarding the brand and opening the door to fresh capital and global growth.
The outcome—whether through a sale to a French luxury conglomerate or a high-profile IPO—will determine the next chapter for one of Italy’s last great independent fashion houses in an industry increasingly dominated by multinational giants.
