Armani’s Will Calls for Gradual Sale of Fashion Empire

Key Points:

• Giorgio Armani’s will directs heirs to sell 15% of the group within 18 months, followed by up to 54.9% in 3–5 years.
• Priority buyers include LVMH, L’Oréal, and EssilorLuxottica; IPO also an option.
• Armani Foundation and partner Dell’Orco retain 70% of voting rights to safeguard brand legacy.

The will of late fashion legend Giorgio Armani sets out a path that could transform one of Italy’s last independent luxury houses. Filed this year and reviewed after Armani’s death on September 4, the documents instruct heirs to sell an initial 15% stake in the company within 18 months, then transfer up to 54.9% in the following years. Buyers of “equal standing,” such as LVMH, L’Oréal, or EssilorLuxottica, are named as priorities, while an IPO is listed as a possible alternative for the second tranche.

Armani had long resisted outside ownership, but the provisions signal a shift from decades of independence. The Armani Foundation, created to uphold his principles, will retain at least a 30% stake and, together with his longtime business partner Pantaleo Dell’Orco, control 70% of voting rights. Dell’Orco will chair the five-member board, which will also propose Armani’s successor as CEO.

With annual revenues of €2.3 billion but shrinking operating profits, the brand remains a major prize in the luxury sector, valued by analysts at €5–12 billion. Both L’Oréal and EssilorLuxottica confirmed they would study the opportunity, while LVMH declined comment. Analysts suggest LVMH could be the most likely buyer given the strategic fit and its ability to absorb such a deal. The instructions in Armani’s will make a sale or listing essentially binding, pointing to a new era for the storied label.