Spanish
Rome.- The iconic Italian designer Giorgio Armani, who passed away on September 4th at the age of 91, surprised the world this Friday when it was learned that, in his will, he imposed on his heirs the gradual sale of the firm or, as an alternative, its IPO in the coming years, after half a century of business independence.
Armani, considered one of the last great designer-entrepreneurs of European luxury, stipulated that, one year after the opening of the will, last Tuesday, 15% of the capital of the Giorgio Armani S.p.A. group be sold to a large conglomerate in the fashion and luxury sector, within a maximum period of 18 months.
In a turn of events, Armani also stipulated that said participation be offered as a priority to the giants LVMH, EssilorLuxottica or L'Oréal, who could potentially gain majority control.
Alternatively, the will contemplates the company's IPO, in a maximum of eight years, with a reduction in control by the foundation that protects the designer's legacy, although never less than 30.1%. This is an unexpected decision in the group's history, founded in 1975 and known until now for its independence from the large conglomerates that dominate the sector. The Armani group confirmed that it will fulfill the will of its founder: "From this moment on, we commit ourselves, also on behalf of employees and collaborators, to support this process respecting his will, with the common goal of ensuring the best possible future for the company and the brand, respecting the established principles," it said in a statement. For decades, Giorgio Armani was one of the few designers who managed to maintain total control of his company, resisting selling it or going public, unlike most historical Italian and French fashion houses. Known for his perfectionism and his desire to oversee every aspect of the business, Armani left two handwritten wills: one dated March 15, 2025, and another a few days later, suggesting that the latter was an extension of the first.The designer stated in writing that, within a period of 3 to 5 years, an additional stake of between 30% and 54.9% of the company's capital must be transferred to the same buyer.
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The first reactions to the designer's last wishes have already been made public, highlighting the statement of the EssilorLuxottica spokesperson, who pointed out that the group will evaluate the proposal "carefully" and stated that they are "proud of the trust that Mr. Armani has wanted to place" in their group and in their management.The designer had full freedom with assets estimated at 12 billion
With no forced heirs, having had no children, the designer had full freedom to dispose of an estate estimated at 12 billion euros, which includes works of art, properties, yachts, a stake in the EssilorLuxottica optical group and in the Olimpia Milano basketball club, as well as 99.9% of the shares of his company. Armani had given signs of carefully preparing the succession in recent years, through the creation of the Giorgio Armani Foundation, in charge of preserving his legacy and, in theory, ensuring the independence of the firm. However, the content of the will reveals that said Foundation was conceived as a key instrument for a structured transition towards a new corporate configuration, either through a gradual sale or an initial public offering.The Armani Foundation receives 100% of the company's shares: it obtains the right of full ownership over 9.9% (equivalent to 30% of the voting rights) and the right of «bare ownership» over the remaining 90% of the shares, while the rest of the voting rights are divided between Pantaleo Dell'Orco, Armani's partner and right-hand man, and his two nephews.
Giorgio Armani left 75% of the company L'Immobiliare Srl, which owns properties in Saint Tropez, Antigua, Broni and Pantelleria, to his sister and nephews, while the usufruct of these properties will be for Pantaleo Dell'Orco, who also owns the building in Milan where they lived.
