Armani’s Will Orders Gradual Stake Sale or IPO — LVMH, L’Oréal Among Preferred Buyers
The world of luxury fashion is bracing for a historic shift after the passing of Italian style legend Giorgio Armani on September 4, 2025, at age 91. His handwritten will, reviewed by Reuters, outlines a carefully staged plan to reshape the future of his empire, Giorgio Armani S.p.A.
Step-by-Step Sale Plan
Armani directed his heirs to sell a 15% stake in the company within 18 months, followed by an additional 30%–54.9% stake to the same buyer within three to five years.
If no qualified buyer emerges, the will permits an initial public offering (IPO) — preferably in Italy, though other major global markets could also be considered.
Among Armani’s preferred buyers are luxury giant LVMH, beauty powerhouse L’Oréal, and eyewear leader EssilorLuxottica. The will also allows consideration of other fashion or luxury groups with which Armani’s house has commercial ties.
Heirs and Governance Structure
Armani left no children, but entrusted key roles to both family and long-time collaborators:
- Pantaleo “Leo” Dell’Orco, his right-hand man for decades, now holds significant voting power alongside the Fondazione Giorgio Armani, created in 2016. Together, they control 70% of voting rights.
- Family members named in the will include niece Silvana Armani (head of womenswear), niece Roberta Armani (VIP relations), nephew Andrea Camerana, and Armani’s sister Rosanna Armani.
- Should the company go public, the Fondazione would retain about 30.1% of the stake, ensuring Armani’s values remain embedded in the brand.
A Brand at a Crossroads
Founded in the 1970s with partner Sergio Galeotti, Armani built his label into a global powerhouse worth €2.3 billion ($2.7B) in annual revenue by 2024. Despite stable sales, profits have been squeezed by a luxury industry slowdown and shifting consumer trends.
Known for his uncompromising creative control, Armani remained the sole shareholder and ultimate decision-maker until his final days. His carefully worded will ensures that the company’s transition balances continuity with the realities of today’s fashion market.
Industry Impact
Analysts say the provisions signal Armani’s wish for his brand to be anchored within the global luxury ecosystem while protecting its Italian heritage. A sale to LVMH or L’Oréal could reshape the industry landscape, while an IPO would open Armani to a new generation of investors.
The will sets the stage for what could be one of the most significant shake-ups in modern luxury fashion