Matilda Omonaiye/
Giorgio Armani’s will, unsealed on Thursday, a week after his death at 91, sets out a clear timetable for the future of his $9.6 billion empire, including the gradual sale of large stakes in his company that he had fiercely kept independent during his lifetime.
According to the document, a 15 percent minority stake in the Giorgio Armani Group must be sold within 18 months.
This will be followed by an additional sale of between 30 and 54.9 percent over the next three to five years, either to strategic buyers or through a public listing if no suitable buyer emerges.
Preferred suitors include LVMH, L’Oréal, and EssilorLuxottic, companies already tied to Armani through partnerships.
If negotiations falter, heirs are empowered to pursue an initial public offering.
At least 30 percent of the fashion house will remain under the Giorgio Armani Foundation, established in 2016, ensuring the label’s values and independence endure despite the shift to outside ownership.
The will also divides Armani’s personal fortune among family and trusted allies.
Leo Dell’Orco, the longtime menswear chief, inherits the largest share at 40 percent, while niece Silvana Armani and nephew Andrea Camerana each receive 15 percent.
Other relatives, including niece Roberta and sister Rosanna, also benefit.
The disclosure signals the end of Armani’s era as the guardian of one of the last great independent fashion houses.
Though he resisted takeover bids throughout his life, his final plan sets in motion a controlled transition that balances legacy with the realities of the global luxury market.
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