In A Surprise Twist, Giorgio Armani — The Man Who Never Sold Out — Orders His Heirs To Sell Out

Last week, Giorgio Armani died at the age of 91. On the day of his passing, we published an article celebrating his absolutely extraordinary life story. Born into a modest family in Piacenza, Italy, Armani's childhood was scarred by the horrors of World War II. He was seriously injured when a bomb exploded near him as a child, leaving him hospitalized and nearly blinded. In his 20s and 30s, Armani lived in relative obscurity, first pursuing a career in medicine, then pivoting to a job dressing windows at a Milan department store. It wasn't until the 1960s, when he was in his early 40s, that Armani began taking the first steps toward a destiny that would ultimately make him one of the most beloved fashion designers of all time.

And unlike nearly all of his fashion peers — from Yves Saint Laurent to Christian Dior, Valentino, and Gucci — Armani never sold out. He never took his company public. He rejected countless acquisition offers from every single global luxury behemoth on earth. For his entire life, even in recent years when the company was generating billions in annual revenue, Giorgio Armani S.p.A. remained 100% privately held and owned personally by Giorgio himself.

That independence turned Armani into the richest fashion designer in history. At the time of his death last week, his net worth was $9.5 billion.

It was such a remarkable tale of creativity and control that we titled our retrospective: "The $9 Billion Designer Who Never Sold Out: How Giorgio Armani Built And Guarded The Last Great Independent Fashion Empire."

Well… as it turns out, in death, Giorgio finally decided it was time to sell out.

(Photo by JULIEN DE ROSA/AFP via Getty Images)

A Final Twist

In documents filed earlier this year and revealed after his death, Armani's will lays out a meticulous roadmap that effectively ends the company's fierce independence. The will instructs his heirs to sell an initial 15% stake in Giorgio Armani S.p.A. within 18 months, followed by an additional 30% to 54.9% stake between three and five years later. As an alternative, if no buyer emerges, the heirs are directed to pursue an IPO, either in Milan or another top-tier global market.

Most surprisingly, Armani named preferred buyers: French luxury giant LVMH, cosmetics powerhouse L'Oréal, and Italian eyewear leader EssilorLuxottica — companies with which Armani has long maintained commercial ties. Analysts estimate Giorgio Armani S.p.A. could fetch between €5 billion and €12 billion ($5.9 billion to $14 billion), making it one of the largest potential fashion acquisitions in years.

Despite the sale mandate, Armani also ensured the company would remain tethered to his values. His Fondazione Giorgio Armani, combined with longtime partner Pantaleo Dell'Orco, controls 70% of the group's voting rights. The foundation is legally required to always hold at least 30% of capital, and its board will choose Armani's successor as CEO. In this way, Armani created a structure that both guarantees continuity and opens the door for outside ownership — a balance he never allowed in life

The Foundation and Dell'Orco

Armani left no children. Instead, control of his empire now rests with the Fondazione Giorgio Armani, the foundation he created in 2017, and his longtime right-hand man and business partner, Pantaleo Dell'Orco.

Under the will's terms:

• The Fondazione Giorgio Armani holds 30% of voting rights.
• Dell'Orco controls 40% of voting rights.
• Together, they command 70% of total votes, giving them decisive power over any sale or IPO.

The foundation is required to always hold at least 30% of the company's capital, ensuring Armani's principles remain embedded in the brand's future. Its five-member board will be chaired by Dell'Orco and includes Armani's nephew Andrea Camerana, Rothschild banker Irving Bellotti, and two other independent members. The foundation will also propose Armani's successor as CEO.

So when we speak of "Armani's heirs," we are really talking about this combination: the foundation, Dell'Orco, and a small circle of trusted insiders — not traditional heirs inheriting wealth directly.

The Likely Buyers

The revelation has set off immediate speculation about who might take control of Armani's empire.

• LVMH – Bernard Arnault's luxury giant, owner of Louis Vuitton, Dior, and Tiffany, is seen as the leading contender. Arnault and Armani were personally friendly, and discussions of an alliance have surfaced in the past.
• L'Oréal – The French cosmetics titan has a licensing deal with Armani fragrances and cosmetics that runs through 2050. Acquiring Armani outright would secure one of its most valuable long-term partnerships.
• EssilorLuxottica – The Italian eyewear group manufactures Armani glasses under a licensing agreement extended through 2037. With deep ties to Armani's product lines, analysts say it could be a natural fit.

Some industry experts argue Armani's focus on ready-to-wear makes it less of a match for LVMH, which is most profitable in leather goods. But as consolidation sweeps luxury fashion, few believe Arnault will pass up the chance if Armani comes to market.

Financial Context

The Armani Group generated €2.3 billion ($2.7 billion) in revenue in 2024, but operating profits have shrunk to less than 3% of revenue, according to Berenberg. That slim margin helps explain why Armani, ever pragmatic, may have finally decided a sale was inevitable.

Perfumes like Acqua di Gio (licensed to L'Oréal) and eyewear (through EssilorLuxottica) have held up strongly. But Armani's core menswear business faces headwinds in a more casual market, and the broader luxury sector is under pressure from tariffs, geopolitics, and post-pandemic slowdowns.

Still, Armani remains one of the most recognizable names in fashion, and analysts say it represents a "rare opportunity" in a consolidating industry.

The Irony of Independence

For 50 years, Armani defined himself by his refusal to sell. He famously turned down an offer from Bernard Arnault in the 1980s, dismissed overtures from Gucci and other rivals, and repeatedly rejected IPO talk. Independence was not just a business choice; it was his identity.

Yet his will reveals Armani was more pragmatic than his image suggested. By dictating terms of a sale, he ensured the process would be orderly, favor trusted partners, and protect the foundation he created. In his final act, Armani opened the door he had kept firmly shut his entire life.