Who is Giorgio Armani?
Giorgio Armani, an iconic figure in the fashion industry, passed away on September 4 at the age of 91. With an estimated net worth of $11.8 billion, according to Forbes, Armani was one of the wealthiest men globally and the fourth richest individual in Italy. His empire spans from high fashion to hospitality, with over 9,000 employees and a revenue of €2.3 billion in 2024, operating more than 600 stores worldwide under various brands like Giorgio Armani, Emporio Armani, A|X Armani Exchange, and EA7.
Armani’s Will and Potential Buyers
In his will, made public on Friday, Armani requested that a prominent luxury group acquire a significant stake in his company. He specifically mentioned LVMH, EssilorLuxottica, and L’Oréal as potential buyers. The Italian media published excerpts from the will, stating that Armani’s foundation, which inherits his company, should transfer a 15% stake to one of these luxury giants within 12 to 18 months after the will’s opening.
Armani’s Preferred Buyers
The designer named LVMH, EssilorLuxottica, and L’Oréal as his preferred buyers, especially those with whom he had previously collaborated. L’Oréal, which has held the license for Armani’s perfumes and cosmetics since 1988, stated that it would carefully consider this opportunity, given their long-standing partnership. EssilorLuxottica also expressed its interest in studying the prospect “with great attention,” acknowledging Armani’s esteem for the group.
Control Transfer and Ethical Management
Although Armani maintained independence throughout his life, the chosen buyer will have the option to take control of the group by acquiring between 30% and 54.9% of the remaining capital within three to five years. Armani’s will also emphasized ethical management, integrity, moral correctness, and a focus on essential, modern, elegant, and discreet styles with attention to innovation, excellence, product quality, and refinement.
Key Questions and Answers
- Who are the decision-makers regarding Armani’s capital? Leo Dell’Orco, Armani’s longtime partner and his two nephews, Silvana Armani and Andrea Camerana, will be responsible for these decisions as shareholders of the Armani Foundation.
- What happens if the sale does not occur? Armani requested that his company be listed on the stock exchange if the sale does not take place.
- What role will the Armani Foundation play? The foundation, which will hold at least 30% of the company’s shares and 30% of voting rights, will ensure the continuous respect of Armani’s foundational principles.
- What is the distribution of voting rights among key individuals? Leo Dell’Orco will have 40% of the voting rights, while Silvana Armani and Andrea Camerana will each hold 15%.
Armani’s Legacy and Future
Giorgio Armani’s will has opened the door for a potential acquisition by a luxury giant, ensuring his company’s future under ethical management. The decision-makers, led by Leo Dell’Orco, will work to uphold Armani’s values and maintain the brand’s global presence. Meanwhile, Armani’s real estate holdings have been bequeathed to his sister Rosanna and nephews Andrea and Silvana, with Leo Dell’Orco retaining usage rights for his properties in Saint-Tropez (France), Saint-Moritz (Switzerland), and the islands of Antigua and Pantelleria.
