The will of legendary fashion designer Giorgio Armani, who died on 4 September, has been opened in Milan, revealing the heirs of his world-famous fashion empire.
According to the Giorgio Armani will, Leo Dell’Orco- Armani’s long-time partner and right-hand man- will control 40% of the voting rights within the house. His two nieces, Silvana and Andrea, will hold 30%, while the remaining 30% will be overseen by the Armani Foundation, created by the designer himself.
Real estate holdings
Regarding the company that manages his extensive real estate assets, ownership will pass to Armani’s sister Rosanna and his two nieces. The properties include residences in Milan, villas in Saint-Tropez, and estates on the Italian island of Pantelleria. Dell’Orco will retain usufruct rights, including to the Milan mansion where Armani lived.
Future sales to global groups
Within 18 months of the will’s publication, 15% of the fashion house must be sold to LVMH, Luxottica, L’Oréal, or another company of equivalent scale. After three years, an additional stake of between 30% and 54.9% may also be sold to the same buyer. This means that in the future, the iconic Italian fashion house could pass into new ownership.
Legacy and vision
In his will, Armani requested that his house always be managed with “ethical, incorruptible and impeccable standards,” stressing modern and meaningful style, elegance, innovation, and quality as guiding principles.
The Giorgio Armani will ensures continuity while opening the door to future transformations in the global luxury industry.
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