After the death of Giorgio Armani: Testament provides for sale of his fashion house

The puzzle about the future of the Armani empire is slowly clearing up: In his will, the fashion designer Giorgio Armani (1934-2025), who died on September 4, had the gradual sale of his legendary fashion house-or as an alternative an IPO. This means that movement comes into one of the last large family -run fashion brands in the world. Previously, the designer had always insisted on his independence.

As reported by referring to a copy of his last will, Armanis should initially sell 15 percent of the company shares within 18 months. Three to five years later, another 30 to a maximum of 54.9 percent are to go to the same buyer.

When choosing potential buyers, Armani set clear priorities. The French luxury goods group LVMH, the cosmetic giant L’Oréal or the glasses manufacturer Essilorluxottica is said to have priority. All three companies have already maintained business relationships with the Armani empire. Other luxury brandies with which the house cooperates should also be considered.

According to the reporting, the will provides an IPO as an alternative to sale. A surprise: Armani had categorically rejected the corresponding plans for decades to preserve the independence of his company. It was only in April of this year that he had indicated that he was no longer excluding an IPO. However, he had always rejected takeover offers of large corporations – including the Agnelli family and Gucci.

Since Armani does not leave children, the successor is complex. In 2016, the fashion designer founded the Fondazione Giorgio Armani to maintain his values ​​and principles. According to the company’s executive committee, the foundation should always hold at least 30 percent of the shares and act as a “permanent guarantee” for compliance with the founding principles. Another 40 percent of the voting rights go to Leo Dell’Orco (72), Armanis long-standing life and business partners. His non -Silvana and Roberta Armani and his nephew Andrea Camerana each receive 15 percent.

The designers’ properties are also regulated: his sister Rosanna and niece and nephew receive most of the properties. Dell’orco gets the prestigious Armani residence in the center of Milan.

Armani founded his company in the mid -1970s together with his then partner Sergio Galeotti. After Galeotti’s death in 1985, the designer continued the business and expanded it into a global company. The empire now ranges from Haute Couture to perfumes to hotel facilities and generates sales in billions of bills annually. Armani died on September 4 at the age of 91.