Giorgio Armani Will Reveals Plan for Partial Sale or IPO – 12 Sept 2025

Milan, 12 September 2025 – The long-awaited details of Giorgio Armani’s will have been made public, revealing a careful roadmap for the future of his globally renowned fashion house. Armani, who died earlier this month at the age of 91, spent decades resisting takeover bids. Yet his final instructions balance financial realism with the preservation of his minimalist design legacy.

According to court filings, Armani’s successors must sell about 15 percent of the company within the next 18 months. Over the following three to five years, a further 30 to 54.9 percent must be sold to the same buyer—provided that buyer meets strict conditions set out in the will. If no suitable purchaser is found, the brand will pursue an initial public offering (IPO) to raise capital from global investors.

Potential suitors include luxury conglomerate LVMH, beauty giant L’Oréal, and eyewear leader EssilorLuxottica, all of which already partner with Armani in fragrances, cosmetics, and eyewear. Their long-standing collaborations and deep understanding of the brand give them an advantage should they compete for a stake.

To safeguard the label’s identity, the will grants the Giorgio Armani Foundation ownership of at least 30 percent of shares and a controlling 70 percent of voting rights, regardless of how many shares are sold. Armani’s close associate Pantaleo “Leo” Dell’Orco and the foundation will share those voting powers. Family members—including Armani’s sister and several nieces and nephews—will inherit shares, but most of their holdings will be non-voting, preventing internal disputes.

This succession plan arrives as the global luxury market cools after years of rapid growth. Armani’s revenues remain stable but have not seen significant expansion recently. Analysts say the staged sale is designed to inject new capital while shielding the house’s creative independence. Industry valuations place Giorgio Armani S.p.A. at €6 billion to €8 billion, depending on market conditions.

Italian officials have welcomed the arrangement, noting that decision-making authority will stay rooted in Italy even if foreign investors acquire large stakes. For fashion insiders, the will reflects the same precision and discipline that defined Armani’s career—offering a “middle path” between private heritage and modern financial realities.

Giorgio Armani built his empire on freedom, understated elegance, and exacting standards. His final instructions carry that philosophy forward, ensuring that even as ownership evolves, the essence of the Armani brand remains unmistakably intact.