Armani’s Unthinkable Shift: What Will Become Of The Billionaire Designer's Company

Italian designer Giorgio Armani passed away on September 4 at the age of 91, leaving behind a will that charts an unexpected future for his fashion empire. Renowned for safeguarding his autonomy, having founded the brand in 1975, Armani directed his heirs to divest a 15% minority equity in his company within 18 months, prioritizing luxury conglomerates LVMH, L’Oréal, or eyewear titan Essilor-Luxottica.Armani, who established one of the most illustrious fashion houses globally over fifty years, delineated his desires in two separate wills—one for his business and another for personal assets, as reported by The Associated Press. He formed the Armani Foundation in 2016 as a succession mechanism, ensuring that at least 30% of company shares remain intact to uphold his original principles. His trusted collaborator Leo Dell’Orco received a 40% share, while his niece Silvana and nephew Andrea were allotted 15% each. Other family members received non-voting shares. The will specifies that the initial buyer should aim to increase ownership to between 30% and 54.9% within three to five years.