Why the Armani Fashion Empire Is Set for an IPO

Business September 27, 2025

Giorgio Armani, one of the most iconic names in global fashion, left behind a detailed plan for the future of his empire. His will, revealed by Italian media, outlines how his company could soon be partially sold or even taken public. The decision marks a shift for the late designer, who spent a lifetime keeping suitors at bay.

A Planned Sale of Minority Stakes

Armani directed his heirs to sell a 15% minority stake in the business within 18 months, and he made it clear the buyer should be a company of equal standing, naming potential candidates like LVMH, EssilorLuxottica, or L’Oréal. After that, an additional 30% to 54.9% stake is expected to be sold to the same buyer within three to five years.

If that step doesn’t happen as planned, Armani’s instructions state the business should then consider going public. In the end, these measures show that even after his passing, Armani wanted to secure long-term growth and keep his brand strong on a global scale.

How Control Was Divided

Instagram | @giorgioarmani | Armani secures the future by sharing control with trusted hands.

In the same will, Armani carefully allocated control among close collaborators and family members.

Pantaleo Dell’Orco, his longtime partner and head of menswear, received 40% control.
His niece Silvana Armani, who leads womenswear, and nephew Andrea Camerana each gained 15%.
The Armani Foundation, created in 2016 as a succession vehicle, holds the remaining 30%.

The designer ensured leadership would stay within trusted hands while safeguarding the company’s ethical vision.

Armani’s Legacy in Numbers

The Armani Group generated €2.3 billion in turnover last year, employing more than 10,000 people across 60 countries. Alongside that success, his estate—valued between €11 and €13 billion—includes villas, yachts, art collections, and investments in global companies. Because he has no direct heirs, Armani also made careful arrangements to secure both his personal and professional assets.

A Special Connection to EssilorLuxottica

Instagram | @essilorluxottica | Armani strengthens lasting ties with EssilorLuxottica through his will.

The designer also held a 2.5% stake in EssilorLuxottica, valued at €2.5 billion. His will divided this share, with 40% going to Dell’Orco and 60% to family members.

EssilorLuxottica confirmed interest in a possible deal, noting in a statement that the group would “carefully assess this opportunity” given its long-standing ties with Armani.

Personal Properties and Gifts

Armani divided his real estate portfolio thoughtfully. For instance, he gave L’Immobiliare Srl—the company that manages his villas in Saint Tropez, Antigua, Broni, and Pantelleria—mostly to his sister Rosanna and his niece and nephew.

At the same time, he granted his partner Dell’Orco lifetime use of his Milan residence and instructed that the furniture and artwork stay untouched. He also left a Matisse painting and a Rayman photograph to his sister Rosanna.

Lastly, he allowed Michele Morselli, a close friend and managing director of L’Immobiliare, to use his New York residence.

A Vision That Lives On

Armani’s will sets guiding principles for the brand’s future. To begin with, he emphasized moral integrity, fairness, and an essential, elegant style. In the process, he reinforced the philosophy that defined his career and, in the end, shaped his fashion empire.

Giorgio Armani passed away at the age of 91, leaving behind not only a fashion house but also a philosophy. Through his instructions, he showed his desire to balance preserving the brand’s integrity while embracing modern growth strategies.

As the company moves into its next chapter, Armani’s legacy of understated elegance and discipline continues to guide every decision.