Giorgio Armani's will orders sale or stock market listing of fashion house

Giorgio Armani's will instructs his heirs to sell the Italian fashion house or to bring it to public markets, naming Bernard Arnault’s LVMH, beauty firm L’Oréal and eyewear group EssilorLuxottica as preferred buyers.

Armani, who died last week at age 91, was the brand’s sole shareholder. The will directs a sale to one of the three companies; if a sale does not take place, the company must be listed on the stock market. Under that contingency plan, the Giorgio Armani Foundation would retain 30 percent of voting rights.

Bernard Arnault, whose conglomerate LVMH is one of the parties named in the will, said the group would be committed to "further strengthening [Armani's] presence and leadership around the world." The statement underscores LVMH’s continuing interest in expanding its luxury portfolio.

All three named potential buyers are major players in the broader fashion and beauty sectors. LVMH is a leading luxury goods conglomerate; L’Oréal is a global beauty company; and EssilorLuxottica is an integrated eyewear and lens maker that owns brands including Ray-Ban.

Armani’s instruction to either sell to specific strategic buyers or pursue a stock market listing sets a clear framework for the company’s next steps and could shape the future governance structure. The foundation’s retention of 30 percent of voting rights under a public listing would leave a significant block of governance power in place even as ownership becomes more diffused.

The provisions in the will address both immediate ownership transfer and a fallback that would open the company to public investors, a choice that could have implications for valuation, corporate control and the strategic direction of the brand. The named suitors reflect the intersection of luxury goods, beauty and eyewear, sectors that have seen consolidation in recent years as major groups seek scale and brand diversification.

Executives, potential bidders and financial advisers declined to provide detailed timelines. Any sale would require negotiation with Armani’s heirs and legal steps to implement the will’s directives; a listing would require regulatory filings and market preparation.

The arrangement leaves the ultimate outcome contingent on negotiations between heirs, the named companies and regulatory conditions. Observers said the will provides a clear set of preferred options, narrowing the field of potential buyers and establishing a transitional governance plan should the company become publicly traded.