Renowned Italian designer Giorgio Armani, who passed away on September 4 at the age of 91, left behind not one, but two wills, one dated March 15 and another on April 5. Their details were made public on Friday morning, September 12, by several international media outlets.
According to the wills, the Giorgio Armani Foundation will take control of the fashion house that bears his name, continuing the legacy he built since the 1970s.
Within a year of the opening of the will, and no later than 18 months, 15% of the shares of the company Giorgio Armani SpA are expected to be sold. According to the will cited by Reuters, the sale could be made to one of these three major international companies:
LVMH (Louis Vuitton Moët Hennessy)
L'Oréal
EssilorLuxottica
Three to five years after this first phase, an additional sale of 30% to 54.9% of the company is envisaged, again to one of these buyers. The other alternative mentioned in the will is an initial public offering (IPO), depending on market developments.
In his will, Armani has stated that priority should be given to French luxury group LVMH , owned by Bernard Arnault, currently the richest man in France. The designer's other two preferred options are cosmetics giant L'Oréal and optical company EssilorLuxottica , which has a long-standing partnership with the Armani brand.
The heirs are also asked to consider other luxury industry companies with which Giorgio Armani has had commercial relationships over the years.
Giorgio Armani was the sole shareholder and chief executive of Giorgio Armani SpA , which he founded with his partner, Sergio Galeotti. Throughout his career, he maintained tight control over executive management, repeatedly rejecting offers to join any of the major luxury groups.
Armani described his brand's independence as a "fundamental value." In 2024, the company recorded revenues of 2.3 billion euros, expanding beyond fashion into sectors such as hotels, restaurants, nightclubs, cosmetics, and chocolate.
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Giorgio Armani dies at 91
September 4, 15:37
