Giorgio Armani’s will opens door to sale of fashion empire
The last will and testament of the late Giorgio Armani has revealed plans that could reshape the future of his world-renowned fashion house. Armani, who died at 91, directed his heirs to sell significant stakes in the company, potentially paving the way for a takeover by global luxury giants.
According to the will, heirs must divest a 15% stake within 18 months, with the option to sell up to 54.9% more thereafter. This would leave the Giorgio Armani Foundation holding at least 30%, ensuring influence over the brand’s direction while honoring Armani’s philanthropic and creative legacy.
The will gives preference to LVMH, L’Oréal, and EssilorLuxottica as potential buyers, though it also leaves room for an initial public offering (IPO). Industry experts say this could spark intense competition, with LVMH seen as a natural contender given its dominance in fashion, while L’Oréal and EssilorLuxottica could expand Armani’s reach in cosmetics and eyewear.
The foundation is now tasked with appointing a new CEO to navigate the transition. For decades, Armani fiercely resisted selling to luxury conglomerates, but his final wishes suggest a pragmatic turn toward securing the brand’s future.
As the fashion world reacts, one of Italy’s last great independent houses faces the prospect of corporate stewardship marking the beginning of a new era for Armani’s timeless legacy.