The will of Giorgio Armani, who passed away at the age of 91 on September 4, has been made public, drawing significant attention. Reuters reported on Friday that copies of two wills dated March 15 and April 5 both stipulate that the Giorgio Armani Foundation, established by the late designer, will oversee the management of the fashion house.
According to the will, a plan has been set in motion to sell 15 percent of the company’s shares within 12 months from disclosure, and no later than 18 months. The designated priority buyers are three global industry leaders: LVMH Louis Vuitton Moët Hennessy, L’Oréal, and EssilorLuxottica, the eyewear giant.
Furthermore, within three to five years, an additional 30 to 54.9 percent stake is to be sold to the same buyer. Should these companies decline the acquisition, the will requires consideration of a public listing (IPO) within five to eight years, with Italy prioritized as the main market, though other markets of “equal standing” could also be considered.
The Foundation and Management Structure
Even in the case of a listing, the Foundation will retain at least 30.1 percent of the shares, ensuring the brand’s long-term direction. The Foundation is also bound to manage operations “ethically, with moral integrity and fairness,” while promoting global expansion and diversification. At the same time, it must preserve Armani’s core identity as “modern, elegant, simple, and never ostentatious.”
Pantaleo (Leo) Dell’Orco, Armani’s longtime right-hand man who led the menswear division, holds 40 percent of the company’s voting rights, giving him a pivotal role in governance. Short- and mid-term strategic decisions are to be made by Dell’Orco and the Armani family, with the support of the Foundation.
Following the will’s publication, the executive committee released a statement: “It is immediately clear” that the designer’s “intention to safeguard strategic continuity, corporate cohesion and financial stability for long-term development is confirmed at every stage, in line with what he had repeatedly shared with the press and his closest collaborators.”
EssilorLuxottica also issued a statement, saying: “We are proud of the trust that Mr. Armani has placed in our group and in our management. We will carefully evaluate, together with the board, this evolutionary prospect, which deserves thorough consideration in light of the deep ties that already unite the two groups.” The company stressed that it would evaluate the opportunity with caution, taking into account its longstanding ties with Armani.
Alongside the Foundation, Armani’s close relatives continue to play an active role in governance. His sister Rosanna Armani, his nephew Andrea Camerana, and his nieces Roberta Armani and Silvana Armani all serve either on the board or in key divisions of the company. Roberta, in particular, has long overseen celebrity relations, frequently representing the brand at high-profile events around the world.
Independence and the Legacy of Vision
Throughout his life, Armani consistently emphasized that “independence is an essential value for the brand.” His refusal to accept acquisition proposals from major luxury groups reflected his conviction that independence was necessary to preserve the consistency of the brand’s identity.
When he founded the Giorgio Armani Foundation in 2016, he explained that its purpose was “to implement projects of public and social interest, while also safeguarding the governance assets of the Armani Group and ensuring their long-term stability.”
Looking ahead, the Foundation will move to nominate a new CEO, ensuring that the fashion house continues to be managed in line with Armani’s values and vision.
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