Giorgio Armani's Heirs Must Sell 15% of His Empire Within 18 Months or Take the Company Public

Giorgio Armani's succession plan is entering a key phase, with the fashion group preparing to sell a 15% stake within 18 months of the designer's death. The holding could be divided among multiple investors, rather than being sold to a single buyer, CEO Giuseppe Marsocci said on 27 September.

Armani died on 4 September 2025 aged 91. His will named LVMH, L'Oréal, and EssilorLuxottica as preferred potential buyers for the initial stake, while allowing for other investors of comparable standing. Marsocci said the wording of the will does not require the entire 15% holding to be sold to one investor. No final decision has been made on the transaction.

Armani's Will Sets Out the Ownership Plan

The 15% sale is the first stage of a succession strategy established by Armani before his death. Under the terms of his will, the initial stake is to be sold between 12 and 18 months after his death, putting the end of that period in March 2027.

The will then provides for the disposal of a larger stake in the following years or a possible stock-market listing. The initial 15% transaction is therefore part of a broader plan for the future ownership of the fashion group.

LVMH, L'Oréal, and EssilorLuxottica Named as Buyers

Armani's will specifically identified LVMH, L'Oréal and EssilorLuxottica as preferred potential buyers for the initial stake. Marsocci's comments leave open the possibility that more than one of the named companies could participate in the purchase.

No agreement has been announced with any of the three groups. The eventual transaction will depend on negotiations over the price and other terms. Reports have suggested that the companies could discuss sharing the stake, although that remains a proposal rather than a completed transaction.

Armani Also Changes Its Creative Leadership

The ownership transition comes as the fashion group makes changes to its creative structure. On 16 September, Armani appointed Dario Vitale as creative director of Emporio Armani and Giorgio Armani Accessories. His appointment took effect immediately.

Vitale previously worked at Miu Miu, Bottega Veneta, Dsquared2, and Versace. His appointment followed Giorgio Armani's death and brought an external designer into a creative structure long associated with the founder and his family. Silvana Armani and Leo Dell'Orco remain involved in the wider creative direction of the group.

A Legacy in Transition

The changes in ownership and creative leadership come as Armani continues to present collections shaped by the founder's aesthetic. The Giorgio Armani Spring/Summer 2027 collection was presented in Milan on 27 September, with Silvana Armani overseeing the collection.

The collection was presented during a significant period of corporate change, as the company works through the ownership arrangements specified in Armani's will while establishing its creative structure after his death.

The immediate focus remains the 15% stake and the terms of its potential sale. Whether the holding is acquired by one investor or divided among several will be determined through the process set out in the succession plan.

Armani's Succession Plan Faces Its First Major Test

The decision over the 15% stake will be an early test of how Armani's carefully structured succession plan works in practice. Whether the holding goes to one investor or is divided among several, the transaction will mark a significant step in determining who helps shape the future of the fashion house after its founder's death.