Giorgio Armani named three preferred buyers for empire in his will
Designer’s will kicks off competition to take control one of world’s largest private luxury brands, instructing heirs to sell or opt for a listing.
Italian fashion designer Giorgio Armani acknowledges applause following the presentation of the Emporio Armani women's Fall/Winter 2019/2020 collection on February 21, 2019 in Milan. Italian fashion great Giorgio Armani has died at the age of 91 "surrounded by his loved ones", his company said on September 4, 2025. (Photo: Andreas Solaro/AFP)
Giorgio Armani’s will named LVMH, Luxottica and L’Oreal as the preferred buyers of his fashion empire, kicking off a competition to take control of one of the world’s largest privately held luxury brands.
The designer — who died on Sep 4 aged 91 — instructed heirs including “right-hand man” Leo Dell’Orco and family members to sell an initial 15 per cent stake in the Italian group to one of the trio of larger rivals.
The handwritten will, drafted in April and made public on Friday (Sep 12), specified that an additional stake of between 30 per cent and 54.9 per cent should be sold to the same buyer within five years of Armani’s death.
If the sale fails, his heirs — who will inherit the company through the Giorgio Armani foundation — should opt for a market listing, the will said.
The designer was the sole shareholder in the group, which includes brands Emporio Armani, Armani Exchange and the higher-end Armani Prive as well as hotels, restaurants and a lucrative beauty line, which Armani led until his death.
L’Oreal and Armani have had a licensing agreement, for the sale of products including popular perfume Acqua di Gio, since 1988. Eyewear giant EssilorLuxottica produces and distributes Armani’s glasses line.
Armani said in the will that other existing commercial partners could also be considered as potential buyers.
“It is immediately clear that Mr Armani’s intention to safeguard strategic continuity, corporate cohesion and financial stability for long-term development is confirmed at every stage, in line with what he had repeatedly shared with the press and his closest collaborators,” the company’s executive committee said in a statement.
In an interview with the Financial Times in 2023, the designer said he was determined to avoid a takeover by a French luxury conglomerate because he did not want to “be dominated by one of these mega structures that lack personality”.
But the designer also said he was conscious the company was identified with him and while it was his responsibility to make sure “the company will have a footprint that will resemble il signor Armani”, things would inevitably change after his passing.
Two of the three groups named in the will are French. EssilorLuxottica, founded by late Italian billionaire Leonardo Del Vecchio, is also Paris-listed.
Analysts and friends of the late designer have long pointed to the fact that, though the foundation was originally set up in 2016 to prevent a break-up or sale following Armani’s death, the group was unlikely to remain independent indefinitely.
LVMH chief Bernard Arnault called Armani a genius and “the only great couturier alongside Christian Dior,” a brand now owned by the French conglomerate. “If we were to work together in the future, LVMH would be committed to further strengthening its presence and leadership around the world,” Arnault said.
L’Oreal said in a statement it was “touched and honoured” to be considered for the stake acquisition and it would carefully study the opportunity. EssilorLuxottica said it was “proud of Mr Armani’s regard for the group” and the potential investment would be “carefully evaluated” by its board.
Although Armani was able to maintain his grip over his company until the very end, the group’s revenues struggled to grow, remaining stable at about €2.4 billion (US$2.82 billion; S$3.6 billion) last year amid younger consumers shunning the label’s staple formalwear and a wider luxury industry slowdown.
Dell’Orco, who was Armani’s partner and heads the men’s style office, will play a major role in deciding the group’s future. He was given 30 per cent of the company’s shares and 40 per cent of the voting rights, according to the will.
Armani did not have children and his other heirs include nieces Roberta and Silvana Armani who both work for the company, as well as nephew Andrea Camerana, a company board member, and sister Rosanna.
The foundation’s first task, the company said, would be to pick a new chief executive for the group.
Silvia Sciorilli Borrelli and Adrienne Klasa © 2025 The Financial Times
This article originally appeared in The Financial Times.
