Italian designer Giorgio Armani\u2019s will has shocked many in the business world. The luxury fashion giant, who died last week at the age of 91, instructed his heirs to sell off the brand he built 50 years ago or seek a market listing.<\/p>\n
His will, published by Italian media on Friday (September 12), was drafted in March. The decision to sell off his vast fashion empire is a major shift from Armani\u2019s previous stance of protecting the brand\u2019s independence and Italian roots.<\/p>\n
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Here\u2019s what we know about Giorgio Armani\u2019s will.<\/p>\n
Giorgio Armani\u2019s will says\u2026<\/p>\n
Giorgio Armani\u2019s will divides the Armani Group between his close family and the Armani Foundation, which was set up in 2016 to preserve the designer\u2019s legacy.<\/p>\n
He said in the document that he wants his heirs to sell a 15 per cent stake in the business within 18 months of his death. An additional 30 per cent to 54.9 per cent stake should be sold to the same buyer in three to five years, according to a copy of the will seen by the Financial Times (FT).<\/p>\n
It says priority should be given to luxury giant LVMH, cosmetics group L\u2019Or\u00e9al and eyewear company EssilorLuxottica. Two of these are French companies, which have come as a surprise to many in the Italian fashion industry.<\/p>\n
If a deal with these companies, or another of \u201cequal standing\u201d, fails, Armani, in his will, raised the possibility of a public stock market listing as an alternative.<\/p>\n
A person takes a photo of a billboard with an image of Italian fashion designer Giorgio Armani on the day of his funeral, in Milan, Italy, September 8, 2025. Reuters<\/b><\/p>\n
The Armani Foundation would retain 30.1 per cent of the shares in a listing and in a sale.<\/p>\n
In a statement, the executive committee of Giorgio Armani asserted that the foundation would have a strong influence, whatever happened.<\/p>\n
\u201cThe foundation… shall never hold less than 30 per cent of the capital, thereby acting as a permanent guarantor of compliance with the founding principles,\u201d it said, reported AFP.<\/p>\n
These include an ethical approach with \u201cmoral integrity and fairness\u201d, the global development of the Armani name, and a focus \u201con innovation, excellence, quality, refinement of the product and the pursuit of an essential, modern, elegant, and understated style\u201d.<\/p>\n
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