Armani heirs instructed to sell majority stake under late designer’s will
Giorgio Armani, the legendary designer who died earlier this month at the age of 91, has left instructions in his will for his heirs to sell a majority stake in the fashion empire he built over five decades.
Armani’s will requires heirs to sell an initial 15% stake within 18 months of his death, followed by a further 30% to 54.9% within three to five years, effectively ceding control of the company, according to Reuters. An initial public offering has been named as an alternative path.
The will also set out a clear preference for who should be approached first, giving priority to luxury giant LVMH, beauty heavyweight L’Oréal, and eyewear leader EssilorLuxottica. Heirs are also instructed to consider other fashion and luxury companies with which Armani has existing commercial ties.
Armani was the sole major shareholder in the business he co-founded in 1975 with his late partner Sergio Galeotti. Fiercely protective of its independence, he maintained tight creative and managerial control until his final days, even overseeing his July couture show remotely while under doctor’s orders.
In 2024, the privately held Armani Group generated €2.3 billion (£1.9 billion) in revenue, a figure that remained steady despite a wider luxury slowdown, though profits have been squeezed amid industry headwinds.
His death marks the end of an era for one of Italy’s last great independent fashion houses, and the terms of his will now set the stage for a potentially transformative moment in the luxury sector. A sale to one of the world’s leading groups, or an IPO, would reshape the trajectory of the brand, long synonymous with Armani’s own vision of understated elegance.
In what now looks like a carefully considered transition, Armani had spoken in recent years about wanting succession to feel "organic, not a moment of rupture". His will, however, suggests he ultimately saw the future of the company tied to the scale and resources of the global luxury giants he long resisted.
