Armani Will Permits Sale of Iconic Empire After Lifetime of Independence

Giorgio Armani, one of fashion’s most enduring legends, has left the industry in shock by permitting the sell off of his iconic €23 billion business in his will. The renowned Italian designer, who died last week at the age of 91, was famous for his hands on approach and steadfast refusal to relinquish control over the Armani brand. Over his lifetime, he broadened the business from tailoring and formal wear to encompass fragrances, interiors and more, always keeping full ownership and never listing the company publicly.

His will, which was made public after being shared with family on September 9, represents a noteworthy departure from a legacy cemented in independence. Armani’s instructions call for his heirs to sell a 15 percent stake within eighteen months and an additional 30 to 549 percent to the same buyer within three to five years. Notably, the document allows for an initial public offering as an alternative, giving the next generation several strategic options.

The will explicitly names potential acquirers, including LVMH, L’Oréal, and EssilorLuxottica, underlining the prestige and reach that the Armani brand commands. LVMH’s chief executive Bernard Arnault paid tribute to Armani, acknowledging his influence and signalling the conglomerate’s interest in what may be the most significant fashion industry transaction of the decade.

Roman fashion circles and international commentators alike were startled by the news. Giulia Crivelli, fashion editor at Il Sole 24 Ore, described the move as a surprise and suggested it may reveal Armani’s understanding of the challenges he faced in succession planning. The absence of a clear heir to his creative and managerial mantle may have driven this late in life pivot towards legacy preservation via sale or flotation.

The detailed will not only covers corporate stakes but meticulously assigns properties in Milan, Paris, New York, Antigua, Pantelleria, and St Tropez, even specifying the destiny of certain pieces of furniture. A share of company voting rights were given to key figures and family members, including long time collaborator Pantaleo dell’Orco and Armani’s two nephews. The majority share will be managed by a foundation, in keeping with Armani’s drive for stability and continuity.

The designer’s last statement reflects the values underpinning his storied career. He expressed a hope that his legacy would stand for commitment, respect, and a focus on reality. As thousands queued in Milan to pay tribute, it was clear that Armani’s enduring influence will linger, even as his empire prepares for a historic transition.