Late fashion icon outlines legacy plans, from luxury group stakes to family inheritances and foundation control.
Italian fashion legend Giorgio Armani, who passed away on September 4 at the age of 91, left behind not just a global empire but also a detailed succession plan for its future. His will, made public on Friday, revealed a provision for a major luxury group to acquire a 15% stake in his company — with LVMH, L’Oréal, or EssilorLuxottica listed as preferred candidates.
For more than five decades, Armani had retained strict control over his multi-billion-euro empire, spanning haute couture, ready-to-wear, hotels, and lifestyle ventures. In his will, however, he instructed the Armani Foundation, which inherits the company, to bring in a heavyweight partner from the global luxury industry.
L’Oréal, which has collaborated with Armani on perfumes and cosmetics since 1988, said it was “touched and honoured” to be named as a potential stakeholder and would carefully consider the possibility.
Safeguarding the Legacy
According to the will, the chosen shareholder would have the option to increase their stake to a majority within three to five years of the will’s opening on Thursday. If no sale materializes, Armani asked for the company to be listed on the stock exchange, with the foundation retaining a minimum 30.1% stake.
The Giorgio Armani executive committee emphasized that the foundation’s influence will remain strong, regardless of future ownership changes. “The foundation shall never hold less than 30% of the capital, thereby acting as a permanent guarantor of compliance with the founding principles,” it said. These principles include integrity, innovation, global expansion, and Armani’s signature understated elegance.
At the time of his death, Armani’s personal fortune was estimated at $11.8 billion (Forbes). Having no children, he left his company to the Armani Foundation, to be managed by his long-time confidant Leo Dell’Orco, along with his niece Silvana Armani and nephew Andrea Camerana. The foundation will hold 10% of shares directly, with additional ownership rights distributed among Dell’Orco and family members.
Personal Bequests & Farewell
Armani’s real estate empire — including properties in Saint-Tropez, St. Moritz, Antigua, and Pantelleria — was left to his sister Rosanna and his niece and nephew, though Dell’Orco retains usage rights to several residences.
The designer, who had faced months of fragile health, was laid to rest in the family tomb in Rivalta near Piacenza, his birthplace. His funeral was a private affair, attended only by close family and friends, though tributes poured in globally from political leaders, celebrities, and fellow designers.
His final collections will be unveiled at Milan Fashion Week later this month, alongside a major exhibition on September 24 marking 50 years of the Armani brand — a legacy the late designer meticulously planned to endure.
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