Armani’s Will and What it Means for The Brand's Future

When a legend like Giorgio Armani passes, legacies are often defined not just by their life’s work—but by how they plan to pass the torch. With the recent publication of Giorgio Armani’s will, the fashion world now has clarity on what happens next for one of its most iconic houses. And it’s not business as usual.

Key Provisions of Armani’s Will

Here are the essentials, drawn from multiple reliable sources: 

• Armani died September 4, 2025, at age 91. He left no children, but there are several inheritors named in the will. 

• Revenue in 2024 for the company was about €2.3 billion.

• His will lays out a strategy to gradually relinquish portions of ownership:

  1. First stake: a 15% minority stake must be sold within 18 months of his passing.

  2. Second tranche: an additional 30% to 54.9% sold to the same buyer over the next three to five years. 

• Alternatively, if no suitable buyer comes forward, the will allows for an IPO — in Italy or another market of comparable standing.

• Armani names three preferred potential buyers: LVMH, L’Oréal, and EssilorLuxottica. These are companies he had long-standing relationships with.

• The Fondazione Giorgio Armani, which he established in 2016, plays a key role: the foundation must retain at least 30% ownership permanently to safeguard the values/principles of the brand.

• Among heirs: control is divided among his sister, nieces and nephew, and his longtime business and life partner, Pantaleo Dell’Orco. Dell’Orco also has a strategic role in governance.

Heir Shares & Governance: Who Controls What

Armani didn’t just divide ownership—he drew a fine map of who gets what and who gets to decide. Here are the numbers, as laid out in his will:

• Leo Dell’Orco (partner): ~30% ownership and 40% of the voting rights. He holds both financial stake and governance clout.

• Silvana Armani (niece): 15% ownership / 15% voting rights — full voting influence on her share.

• Andrea Camerana (nephew): also 15% ownership / 15% voting rights.

• Roberta Armani (niece): 15% ownership, but no voting rights.

• Rosanna Armani (sister): 15% ownership, similarly no voting rights.

• Fondazione Giorgio Armani: 10% of the capital, but ~30% of voting power, thanks to special share classes or enhanced rights. Plus the Foundation must keep at least ~30.1% ownership under scenarios like IPO or major stake-sales to preserve control over brand values.

So in short: Dell’Orco + the Foundation control the vote (≈70%), even though others hold meaningful ownership shares. Shares without votes (Rosanna, Roberta) are more about financial inheritance than governance.

Why This is a Big Deal

Armani has always been an example of independence in luxury: creative control, private ownership, a strong identity rooted in Italian craftsmanship. This will marks a decisive turn in several ways.

• From Control to Transition: For decades, Armani resisted dilution of control. This will is explicit about selling stakes, selecting partners, or going public. It’s a shift from a founder’s monopoly to shared future.

• Preserving the Brand vs. Monetization: The will balances financial realism with legacy preservation. The foundation’s 30% floor ensures Armani’s principles won’t be completely sidelined. But he also acknowledges the external pressures the fashion and luxury sectors face—scaling, global markets, and decline in profits. 

• Strategic Buyers over Wildcard Offers: By naming LVMH, L’Oréal, EssilorLuxottica, Armani signals the sort of suitors he trusts—ones with existing relationships or aligned capabilities (beauty, eyewear, distribution). It avoids speculation, as the heirs have thoughtful guidance, not blind freedom.

Risks & Challenges for the Heirs

Of course, a carefully written will doesn’t erase all the complications. Here are some of the tensions that lie ahead:

What It Means for the Luxury Market

The changes to come in Armani's future will likely ripple out into the greater luxury market in interesting ways:

• Brand scarcity & demand: Any move by Armani to partner or go public may lead to restructuring of distribution, pricing, or licensing. That could affect what’s on resale, how pieces appreciate or depreciate, and how authentic pieces are maintained.

• Shifts in licensing, collaborations, and product lines: If L’Oréal or EssilorLuxottica comes in more deeply, collaborations in beauty or eyewear could increase. This might expand the brand footprint, but could also complicate the brand hierarchy. How we value different Armani lines on resale (Privé vs Emporio vs Exchange) could shift.

• Collectibility & heritage pieces: As ownership begins to open up, there may be renewed interest in legacy designs — especially under a public listing where branding and story-telling (heritage, origin, craftsmanship) become tools for investor relations and marketing. Pieces tied to “last era under full owner-control” may see a premium.

What to Watch From Here

For those closely tracking luxury, resale, and brand value, these are the signals to monitor:

1. Which buyer steps forward first? Will LVMH, L’Oréal, or EssilorLuxottica make a move publicly or privately? Or will a less obvious group emerge?

2. IPO vs. Sale: Does public-market appetite exist for Armani? Will the IPO happen in Milan, New York, or another major market? Timing & valuation will be everything.

3. How brand identity and heritage are preserved: Changes in creative leadership, licensing agreements, “diffusion” lines, and pricing strategies will be samplers of how much control the heirs and foundation retain in practice, not just in theory.

4. Financial performance: Revenue is stable, but profit margins have been under pressure. If profits continue to slip, the need for scale or external capital intensifies.

Final Thoughts

Giorgio Armani’s passing marks the end of an era—one of tight, private control, anchored in Italian craftsmanship and personal oversight. But his will doesn’t just pass the torch; it builds a bridge to the future. He accepts that in today’s luxury world, even icons must choose between staying private, partnering up, or going public—and he’s set very clear instructions so those choices are made with his values in view.

For either buying or sale in the resale market, it’s a moment of both opportunity and caution: opportunities in seeing which pieces rise in value, how brand stories evolve, and how market dynamics shift; but also caution in navigating authenticity, quality, and the creeping commercial pressures that come with expansion and public ownership.