Giorgio Armani, the legendary Italian fashion designer who died last week at 91, has left instructions in his will for his fashion empire to be sold or listed on the stock market. According to a copy of the will reported by Reuters, Armani wants his heirs to sell a 15% stake within 18 months, followed by an additional 30% to 54.9% stake three to five years later, with priority given to LVMH, L'Oréal, or EssilorLuxottica. An initial public offering (IPO) is also mentioned as an alternative.
The will specifies that potential buyers should be from the fashion and luxury sectors where Armani has commercial ties. However, the Fondazione Giorgio Armani, established in 2016, will retain at least a 30% stake to safeguard the founder's principles. The foundation's executive committee confirmed this on Friday, stating it would first focus on finding a new chief executive.
Armani, who was the sole shareholder, maintained tight control throughout his career, famously rejecting offers to join major luxury conglomerates. He described independence as 'an essential value'. The company reported revenues of €2.3bn (£2bn) last year, with interests spanning hotels, restaurants, cosmetics, and more.
In an interview with the Financial Times days before his death, Armani outlined a gradual succession plan, involving his partner Leo Dell'Orco, family members, and the working team. His heirs include sister Rosanna, nieces Silvana and Roberta, nephew Andrea, and Dell'Orco, all of whom hold board or senior positions.
Armani's journey began in Piacenza in 1934. After studying medicine and serving in the army, he worked as a window dresser and sales associate before designing menswear for Nino Cerruti. He launched his own label at 41, funded by selling his Volkswagen Beetle, with partner Sergio Galeotti managing finances. After Galeotti's death in 1985, Armani continued alone.
