When Italian designer Giorgio Armani died on Sept. 4 at the age of 91, he left behind a will that sets a surprising course for his empire. Known for guarding his independence and resisting takeover offers over the decades, having launched his brand in 1975, Armani instructed his heirs to sell a minority stake of 15% in his company within 18 months of his death, with priority given to luxury conglomerate LVMH, cosmetics giant L’Oréal, or eyewear leader Essilor-Luxottica.
Armani, who built one of the world’s most iconic fashion houses over five decades, laid out his wishes in two wills, one for his business empire and one for his personal estate, according to The Associated Press. He established the Armani Foundation in 2016 as a succession tool, and it will retain at least 30 percent of the company’s shares in perpetuity to ensure the brand remains rooted in his founding principles. His longtime 72-year-old collaborator and head of menswear, Leo Dell’Orco, was granted a 40 percent share of the business empire, while niece Silvana Armani, 69, and nephew Andrea Camerana, 55, received 15 percent each. Additional non-voting shares were left to his other niece Roberta Armani, 54, as well as his sister Rosanna, 86. (Silvana and Roberta are the daughters of Armani’s late brother Sergio.)
Inside Armani’s Will
The will stipulates that the buyer of the initial 15 percent stake should eventually expand ownership to between 30 percent and 54.9 percent within three to five years. And heirs may pursue a stock market listing, either in Italy or another major market.
Industry analysts value the Milan, Italy-based Armani empire between $5.9 billion–$14 billion. Despite the luxury sector’s recent slowdown, the brand retains strong global appeal through its Giorgio Armani, Emporio Armani, and Armani Exchange labels, alongside longstanding partnerships with L’Oréal for beauty and Essilor-Luxottica for eyewear.
The remainder of Giorgio Armani’s fortune, anchored by his roughly 2 percent stake in EssilorLuxottica (valued at $143 billion in market capitalization) along with his 213-foot superyacht, multiple residences across five countries, and various cash holdings and investments, amounts to an estimated $4 billion, according to Forbes.
All three preferred companies have announced they are interested in a potential deal. LVMH, controlled by Bernard Arnault, said in a statement it would be an honor to be named a prospective partner. Essilor-Luxottica, which already works closely with Armani, confirmed it would evaluate the opportunity, while L’Oréal noted that its licensing agreement with Armani runs through 2050 and that it will study the possibilty of a deal.
With the inheritance of these assets, all five of Armani’s heirs have entered billionaire status, Forbes reports. Dell’Orco emerges as the wealthiest, with a fortune of about $2.3 billion. Silvana follows with an estimated $1.1 billion, while Roberta, nephew Andrea, and sister Rosanna each hold fortunes estimated at $1 billion each.
