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6d ago

Giorgio Armani’s Wills Hand Control to Foundation, Mandate Staged Sale or IPO

The plan starts a 12–18 month clock to place 15% with preferred buyers, with an IPO required if sales stall.

MILAN (Italy), 04/09/2025.- (FILE) - Italian designer Giorgio Armani (C) poses with models at the end of the presentation of his Fall/Winter 2015/16 Women's collection for his label Emporio Armani during the Milan Fashion Week, in Milan, Italy, 27 February 2015 (reissued 04 September 2025). Armani has died at the age 91, his company confirmed on 04 September 2025. (Moda, Italia) EFE/EPA/DANIEL DAL ZENNARO
FILE PHOTO: Italian designer Giorgio Armani appears at the end of his Haute Couture Spring-Summer 2019 collection show for fashion house Giorgio Armani Prive in Paris, France, January 22, 2019. REUTERS/Benoit Tessier/File Photo
El imperio Armani saldrá a la venta.
Image

Overview

  • Two handwritten testaments, dated March 15, 2025 and days later, were opened in Milan, setting a legally binding succession for Armani’s roughly €12 billion estate and company.
  • The Giorgio Armani Foundation inherits the group and must offer a 15% stake within 12–18 months, giving priority to LVMH, EssilorLuxottica or L’Oréal before any other comparable luxury player.
  • The same buyer can acquire an additional 30% (up to a total of 54.9%) between years three and five; if the staged sales do not occur, the wills require a stock-market listing under a defined timeline.
  • Governance assigns 40% of voting rights to partner Pantaleo (Leo) Dell’Orco, 30% to the foundation, and 15% each to Silvana Armani and Andrea Camerana, with the foundation acting as guardian of brand principles.
  • L’Oréal and EssilorLuxottica said they will study the opportunity, and the foundation’s first task is to propose a new CEO for a group that reported €2.3 billion in 2024 revenue.