The will of late fashion designer Giorgio Armani has revealed plans for the future of his world-renowned fashion brand. The document outlines a structured process to either sell the company or launch an initial public offering (IPO).
According to details reviewed by Reuters, Armani directed his heirs to sell a 15% stake in the company within 18 months of his passing. Later, between three and five years, they must transfer an additional 30% to 54.9% to the same buyer. If a sale cannot be secured, the will instructs that the business should move forward with an IPO.
The will also gives priority to leading global companies in luxury and fashion. Among those named are LVMH, L’Oréal, and eyewear giant EssilorLuxottica. Other fashion or luxury businesses with close ties to Armani may also be considered as potential buyers.
Armani founded the brand in the 1970s with his partner Sergio Galeotti. Over the decades, he built it into one of the most recognizable names in fashion, maintaining strict creative and managerial control until his death. Without direct heirs, the will serves as the main guide for the company’s next steps.
The Armani fashion house recorded €2.3 billion ($2.7 billion) in revenue in 2024. However, profits have been shrinking as the global luxury industry faces economic challenges.
Industry analysts say the will provides much-needed clarity for the brand’s future. By prioritizing well-established luxury groups, Armani ensured that his legacy would remain tied to the highest levels of global fashion.
Whether through a large-scale sale or a public listing, the iconic Armani label is preparing for a new era in the luxury market.
In other related news also read Fashion Icon Giorgio Armani Passes Away at 91
