Designer Giorgio Armani stands with models during the Emporio Armani Spring-Summer 2025 collection show at Milan Fashion Week, Italy, 19/9/2024. Photo: Reuters

Designer Giorgio Armani stands with models during the Emporio Armani Spring-Summer 2025 collection show at Milan Fashion Week, Italy, 19/9/2024. Photo: Reuters

The will of the late Giorgio Armani specifies that his heirs must sell 15% of the company's shares within 18 months, and an additional 30-54.9% to the same buyer within 3-5 years.

Armani's estate will be divided among six individuals and entities: his life partner and business confidant, Pantaleo Dell'Orco; his sister, Rosanna; two nieces, Silvana and Roberta; his nephew, Andrea Camerana; and the Giorgio Armani Foundation, which he established in 2016.

The will prioritizes luxury conglomerate LVMH, cosmetics brand L'Oreal, eyewear giant EssilorLuxottica, or another company of "equal standing" as potential buyers to preserve his legacy. The chosen buyer must have the approval of Dell'Orco.

Armani also recommended an initial public offering (IPO) in Italy or a comparable market. The Giorgio Armani Foundation would retain 30.1% of the shares in the event of a listing, according to the will.

Giorgio Armani, the iconic Italian designer, passed away on 4/9 at the age of 91. He had no children. He founded the Armani empire in 1975, generating 2.3 billion euros (2.7 billion USD) in revenue last year.

The will's contents mark a turning point for the Armani empire. During his lifetime, Armani was reluctant to relinquish control, go public, or sell the business to a foreign corporation, wanting to protect its "Italian roots." The three prioritized buyers are all Armani partners, with LVMH and L’Oreal being French companies.

Even after the sale, Dell'Orco will retain 40% of the voting rights, enough to veto significant decisions such as changes to the articles of association, capital increases, or mergers and acquisitions.

Armani's other assets include over 2% of eyewear group EssilorLuxottica, valued at approximately 2.5 billion euros (2.9 billion USD), which will be distributed among his family and senior company managers.

Michele Morselli, head of Giorgio Armani's real estate company, will receive 100,000 shares, worth over 26 million euros. Giuseppe Marsocci and Daniele Ballestrazzi, two general directors of the group, along with two other senior managers, will each receive 7,500 shares.

Of the remaining shares, 40% will go to Dell'Orco, and 60% to members of the Armani family.

Bao Bao (Reuters)