Photo: Reuters

Giorgio Armani, the famous Italian fashion designer, died on September 4, 2025, at the age of 91. He created a major fashion brand over about 50 years. Armani was known for keeping his business independent. He led the creative work and management himself.

In his will, Armani gave instructions that surprise many people. He asked his heirs to gradually sell parts of the company he built. Or, if selling fails, the company could go public. That means the brand could be listed on a stock market so people can buy shares.

Key Steps in Armani’s Will

Below are the main instructions in the will:

First Sale (within 18 months):
The heirs must sell 15% of the brand within one and a half years after Armani’s death.

Second Sale (in 3-5 years):
Later, they should sell an additional 30% to 54.9% stake to the same buyer, if possible, over three to five years. If that fails, they should do an IPO.

Preferred Buyers:
Armani named LVMH, L’Oréal, and EssilorLuxottica as the first choices for buying the stakes. If none of them buys, another company of similar standing may be considered.

Voting Control and Foundation:
Even if parts are sold, control won’t fully leave the original people. Armani’s will gives voting rights mostly to the Giorgio Armani Foundation and his partner, Pantaleo (Leo) Dell’Orco. Together, they would control 70% of voting power. The foundation must keep at least 30.1% ownership if a listing happens.

Why It’s a Big Change

• Armani’s decisions in his will mark a big shift from how he ran his business while alive:
• He always avoided listing the company on stock markets. He preferred staying independent.
• He resisted being owned by a larger company or letting others take control.
• His will shows he accepted that things must change now that he is gone. He made plans so that brand and management continue, but with new structure.

Who Will Inherit What

Armani’s heirs include:

• His partner Pantaleo Dell’Orco, who will have large voting rights and a big share.
• Family members: his sister Rosanna, his nieces Silvana and Roberta, and his nephew Andrea Camerana. Some have voting rights, some non-voting.
• The Giorgio Armani Foundation (his foundation created in 2016) gets a key role in governance and holds parts of ownership.

Financial and Brand Facts

• The brand made about €2.3 billion (euros) in revenue in 2024.
• But profits were shrinking, partly because the luxury fashion industry is seeing slowdowns globally.
• Despite challenges, the brand is still very strong in reputation. Many observers believe it remains desirable to buyers.

What Could Happen Next

Sale to a Buyer:
One of the named buyers like LVMH, L’Oréal or EssilorLuxottica could buy 15% first, then more later. That means part ownership would pass to them.

IPO Option:
If the sale doesn’t go well for the second part (30-54.9%), the will says the heirs should consider an IPO. That means listing the company so that public investors can buy shares. Possible markets include Italy.

Foundation Control:
While sales happen or listing occurs, the foundation and Dell’Orco will hold most voting power. The foundation will always have at least 30.1% share in case of listing. This ensures some control stays with people Armani chose.

What This Means for the Fashion World

• For many years, Armani was seen as a symbol of class and control. His brand was independent, high quality, and not widely owned by external big companies.
• Luxury companies often buy smaller brands. Armani avoided that. His will changes that path—he set up a clear plan for partial sales or listing.
• Observers expect that this will lead to competition among big luxury groups to buy the stake.

Some worry that selling parts or listing could change Armani’s creative control or brand image. But because the will keeps most voting rights with the foundation and Dell’Orco, changes might be gradual.

Important Questions Left Unanswered

• What will happen if none of the preferred buyers agrees to buy the stakes? The foundation and heirs may need to consider others.
• What about profits and decision-making in the future? The will gives the foundation veto powers over big decisions, but day-to-day control might shift over time.
• How will the brand maintain its identity, its style, design values under new ownership or public listing? Will buyers respect those values? Many will watch closely.

Giorgio Armani’s will reveals that he planned more than just his creative legacy. He crafted a roadmap for his company after his death. The will asks his heirs to sell parts of the company or list it publicly, while keeping voting control mostly in the hands of his chosen foundation and partner.

This marks a major shift: Armani’s brand, long private and fiercely independent, is now set to open to outside ownership or public market. It is a major moment in fashion history.

For the future, everything depends on how sales go, who buys, and how the heirs and new owners manage creative control, brand image, and values.