Giorgio Armani’s Succession & Ownership Plan after his Death

 

 Will & Ownership Structure

1. Sale or IPO Clause

   • In his will, Armani instructed that an initial 15% minority stake in the Armani fashion empire must be sold within 18 months after his death. Reuters+2Reuters+2

   • Then, 3-5 years later, an additional large stake — somewhere between 30% and 54.9% — should go to the same buyer if possible. If no suitable buyer is found, an initial public offering (IPO) is to be considered as an alternative. Reuters+2Reuters+2

2. Priority Buyers / Potential Partners

   • The will names LVMH, L’Oréal, and EssilorLuxottica as preferred buyers for the stake sales. These are existing or historically related groups in luxury, beauty, or eyewear. Reuters+3Reuters+3Vogue Business+3

   • If none of them are selected (or decline), the sale may go to another “group of equal standing” — presumably in the luxury/fashion space. The Business of Fashion+1

3. Ownership / Voting Rights Allocation among Heirs & Foundation

   • Armani had no children. The heirs are his partner and longtime collaborator, Leo (Pantaleo) Dell’Orco; his sister Rosanna; two nieces (Silvana and Roberta); and a nephew Andrea Camerana. Vogue Business+2Reuters+2

   • The Giorgio Armani Foundation, established in 2016, plays a central role. It’s meant to act as a “guardian” of the brand’s founding values and style principles. The foundation will retain at least ~30% of the capital (or shares) permanently. Reuters+2Reuters+2

   • Leo Dell’Orco is assigned a large share of both capital and, more importantly, voting rights (≈ 40%). Combined with the Foundation’s voting rights, these positions give control over the company’s major decisions. Reuters+2Reuters+2

   • Some non-voting shares go to relatives: Rosanna (sister) and Roberta (niece) in particular have non-voting shares. Reuters+1

4. Foundation’s Role and Powers

   • The Foundation is to propose a new CEO for the group. Reuters+1

   • The Foundation must hold a veto over major decisions (statute changes, capital increases, mergers & acquisitions). Even as its voting share may drop lower (when shares are sold), those rights are preserved. Reuters

5. Brand & Design Legacy

   • Armani included in his will instructions to preserve certain style and design values: “essential, modern, elegant and understated design with attention to detail and wearability.” AP News+1

   • Also instructed that his final collections be presented as planned, including schedule set-pieces (e.g., Milan Fashion Week, exhibition for the 50th anniversary) to mark continuity. AP News