Giorgio Armani Will: Secrets of His Brand’s Creation
Giorgio Armani‘s Will Details Succession Plan for Fashion House
Table of Contents
Succession Planning and Potential Sale
The late international fashion designer Giorgio Armani, who died on September 4, 2023, at the age of 91, outlined a plan in his will for the future of the fashion house he founded. Contrary to his lifelong commitment to the brand’s independence, Armani reportedly directed his heirs to consider selling stakes in the company or pursuing a public offering.
According to the Italian newspaper
Al-Journal, the will proposes an initial sale of 15% of the company within 18 months of his death, followed by an additional 30% to 54.9% to the same buyer over the subsequent three to five years.
Preferred Buyers and Legacy Preservation
Armani’s will prioritized potential buyers in the luxury and beauty sectors, specifically naming the French LVMH group, L’Oréal, and Luxottica. Any sale would require approval from an institution established by Armani to safeguard his legacy,and consultation with his longtime business partner and companion,Pantalio Del Orku.
Should a sale to a preferred buyer not materialize,the will suggests a preliminary public offering (IPO) on the Italian Stock Exchange or another major financial market. If the company is listed publicly, the Giorgio Armani Foundation would retain a 30.1% stake.
A Shift from Armani’s Established Principles
These directives represent a significant departure from Armani’s publicly known stance. Throughout his career, he consistently resisted relinquishing control of the group or taking it public. His brand became a symbol of Italian elegance over a five-decade legacy.