Giorgio Armani's Will Directs Heirs to Sell Stakes or Pursue IPO, Setting Course for Future Ownership
The late designer's testament orders a staged sale of up to a majority stake to be completed within five years or an initial public offering, marking a break with his lifetime resistance to dilution or listing.
Giorgio Armani's will instructs his heirs to either gradually sell the fashion house he founded or to pursue a public listing, specifying a staged timetable that could hand control of the company to an outside buyer within five years of the designer's death.
The document, reviewed by Reuters, directs heirs to sell an initial 15% stake within 18 months of Armani's Sept. 4 death and then to transfer further stakes — another 30% and ultimately up to a 54.9% holding — to the same buyer between three and five years after his death. The will gives priority to France-listed luxury and beauty groups L'Oréal and EssilorLuxottica or another firm of "equal standing" identified by a foundation established to preserve Armani's legacy together with his life and business partner, Pantaleo Dell'Orco. As an alternative, the will states an initial public offering should be pursued in Italy or a market of equal standing.
The instructions represent a marked departure from Armani's long-standing refusal to dilute his control or list the privately held company. Armani, who died at 91 and left no children, was the sole major shareholder of the group he founded with his late partner Sergio Galeotti in the 1970s and retained tight creative and managerial control until his death.
Under the terms of the will, the Fondazione Giorgio Armani and Dell'Orco will together hold 70% of voting rights in the group. The foundation would retain a 30.1% stake in the event of a listing, the will says. Heirs are also told to consider other fashion and luxury companies with which the Armani group has existing commercial ties as potential buyers.
The testament's explicit naming of France-listed players among priority buyers is significant given Armani's historical insistence on the company's independence and Italian roots. Over the years the group received several approaches, including a 2021 approach from John Elkann and an earlier approach from Gucci, the will noted.
Giorgio Armani's fashion house is a major global luxury player with relatively stable revenue but squeezed profitability in recent industrywide downturns. The company reported roughly $2.7 billion in revenue in 2024, according to filings and industry documents cited in reporting. The will's timetable for partial divestment or a listing comes as global luxury groups navigate slower growth and shifting consumer demand.
Industry analysts say a staged sale or IPO would reshape the group's governance and strategic options. A buyer such as L'Oréal or EssilorLuxottica would bring scale in adjacent segments — beauty and eyewear respectively — and potential operational synergies, while a listing would dilute the private ownership structure that Armani maintained for decades.
The will also established a foundation to preserve the Armani legacy and set parameters for selecting buyers, requiring the foundation's agreement with Dell'Orco on any choice identified as of "equal standing." The directions leave room for heirs to pursue other strategic options tied to existing commercial relationships.
The testament provides a legal roadmap likely to dominate boardroom discussions and industry speculation in the months ahead, as the Armani group, potential buyers and financial advisers assess valuation, timing and regulatory implications of large luxury deals or a public offer. The company's future ownership structure, long shaped by its founder's personal control, now faces a period of significant transition guided by the terms he left behind.