The late Italian designer Giorgio Armani has directed that his heirs gradually sell the fashion house he built over five decades, or pursue a stock market listing, according to his will reviewed by Reuters. Armani, who died on September 4 at the age of 91, left no children, making the future of his $2.7 billion-a-year fashion empire a central issue for his foundation and closest associates.
The will stipulates that heirs sell an initial 15% stake in the Armani group within 18 months, followed by an additional 30–54.9% within three to five years, prioritizing luxury heavyweights LVMH, L’Oreal, or EssilorLuxottica as potential buyers. As an alternative, the company may launch an IPO in Italy or another major market. Despite Armani’s lifelong refusal to dilute control or list the brand, the provisions set the stage for intense competition among global luxury giants eager to secure a slice of the iconic label.
Under the arrangement, the Fondazione Giorgio Armani and Armani’s business and life partner Pantaleo Dell’Orco together retain 70% of voting rights, ensuring influence over the transition. With commercial ties to L’Oreal and EssilorLuxottica already in place, and LVMH widely seen as the strongest contender, industry experts say Armani’s legacy brand could soon become the focus of one of fashion’s biggest takeover battles in years.