Giorgio Armani’s will revealed: Who will take over his $11.8 billion fashion empire?
&imwidth=600&imheight=450&format=webp&quality=medium "Giorgio Armani’s will revealed: Who will take over his $11.8 billion fashion empire?")
Giorgio Armani Photograph: (Instagram)
Giorgio Armani is a fashion legend who recently passed away leaving his multi-million-euro empire behind. The will of the Italian designer is finally revealed in Italy, and it has a significant shift. Read on to find out the complete details.
The fashion world is still reeling from the passing of Giorgio Armani, who died on September 4 at the age of 91. Known globally as “King Giorgio”, the Italian designer not only revolutionized luxury fashion but also left behind a meticulous succession plan to ensure that his $11.8 billion empire continues to thrive long after his death.
A roadmap for Armani Group’s future
For more than 50 years, Armani kept complete control over his empire, which spans haute couture, perfumes, eyewear, hotels and even sports. However, his will, made public in Italy shows a significant shift. The Armani Foundation, which inherits the business, has been instructed to sell a 15% stake to a major luxury group within 18 months. Armani specifically named LVMH, L’Oreal and EssilorLuxottica as preferred buyers, though other luxury giants “of equal standing” may also be considered.
Over time, the chosen partner could expand their stake to a majority ownership within three to five years. If no deal is struck, Armani directed that his company should go public, with the Foundation retaining a minimum 30.1% stake. Despite these changes, Armani’s will make it clear that the Foundation will remain the permanent guardian of his brand. A company statement emphasized that Armani’s legacy would continue to prioritize “moral integrity, fairness, innovation, excellence and understated elegance.”
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Control of strategic decisions will rest with Leo Dell’Orco, Armani’s longtime collaborator, along with his niece Silvana Armani and nephew Andrea Camerana. Together, they will manage voting rights alongside the Foundation.
Financial legacy and real estate holdings
At the time of his death, Armani’s net worth was estimated at $11.8 billion, according to Forbes. His real estate portfolio was divided among family members, though Dell’Orco will retain use of Armani’s properties in Saint-Tropez, St. Moritz, Antigua and Pantelleria.
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Luxury industry responds
L’Oreal, which has partnered with Armani on cosmetics since 1988, said it was “touched and honoured” by the mention. LVMH, led by Bernard Arnault, also expressed admiration, while EssilorLuxottica confirmed it would consider the opportunity. Analysts suggest that LVMH could be the frontrunner, given its vast resources and strategic fit with Armani’s brand.
The late designer’s final collections will be showcased at Milan Fashion Week later this month, followed by a retrospective exhibition celebrating 50 years of Armani.
