The late designer Giorgio Armani instructed his heirs to gradually divest from the fashion brands he built over the past 50 years or to explore potential listings on stock exchanges.
According to a will reviewed by Reuters, the heirs are advised to sell an initial 15% stake in the Italian fashion house within 18 months, followed by a transfer of an additional 30% to 54.9% stake to the same buyer over the next three to five years.
Armani, who was 91 at the time of his passing and had no children, was affectionately known in the industry as “King Giorgio.”
The will also specifies that priority should be given to the beauty giant L’Oréal, eyewear leader EssilorLuxottica, or another similarly significant group identified by the foundation.
If those options are not viable, pursuing a public offering in Italy or a comparable market is suggested.
This mention of stock sales as a potential avenue stands in stark contrast to Giorgio Armani’s previous stance against diluting his control or publicly listing his fashion groups.
Over the years, the designer, who rose to fame for his unstructured suits, received interest from various parties, including a proposal in 2021 from John Elkan of the Agnelli family and another from Gucci, when Maurizio Gucci was still involved.
Armani was the sole major shareholder of the company he founded in the 1970s, alongside his late partner Sergio Galeotti, and he retained tight control over both its creative direction and management until his passing.
Although he did not leave children to inherit the business, which generated approximately $2.7 billion in revenue in 2024, profits have been declining amid a broader downturn in the luxury sector.
The will indicates that Fonda Zion Giorgio Armani will be a life partner, and that Pantaleo del Orco holds 70% of the voting rights in the Armani Group.
The foundation will reportedly hold a 30.1% stake if a public listing occurs.
Heirs are also encouraged to consider partnerships with other fashion and luxury brands connected to Armani’s company for future sales, according to the will.
