Giorgio Armani’s will sets out a staged sale of his fashion house, Giorgio Armani S.p.A. The designer died on 4 September 2025, aged 91, and the will asks his foundation to sell a first 15% within 18 months, preferably to LVMH, L’Oréal or EssilorLuxottica. That window opened in September 2026 and runs to about March 2027. On 27 September 2026 the chief executive, Giuseppe Marsocci, said the 15% could go to more than one investor. As of 20 October 2026, no buyer has been announced.
Armani left no children. Instead of heirs, he chose a foundation and wrote down who could buy in, in what order, and how much the foundation must keep.
Who Owns Armani Now: the Foundation and the Usufruct
The Giorgio Armani Foundation was set up in 2016 for the succession, Euronews reported. According to Il Sole 24 Ore, it inherits the company in two ways. It owns 9.9% outright, which with the 0.1% it already held gives it 10% of the shares and 30% of the votes. It receives the other 90% in “bare ownership” only.
Bare ownership means owning an asset without the right to use it or take its income. That right, called usufruct, belongs to someone else, usually for life. Il Sole 24 Ore reported that Pantaleo “Leo” Dell’Orco, Armani’s long-time associate, received usufruct over 30% of the shares and 40% of the votes. Other reports give Armani’s niece Silvana Armani and nephew Andrea Camerana 15% of the votes each. Forbes Italia adds that Dell’Orco is entitled to 32% of the net proceeds of the sales the will sets out.
Italian law reserves part of an estate for a spouse, children and in some cases parents, as we explained in the Zamparini case on forced heirship. Siblings, nieces and nephews have no reserved share, so Armani was free to choose a foundation.
How Armani’s Will Stages the Sale
- A first 15%. The will asks for 15% to be sold within 18 months; Reuters and Italian reports describe the window as 12 to 18 months after his death. The preferred buyers are LVMH, L’Oréal and EssilorLuxottica, or another group of comparable standing.
- A second stage. From the third to the fifth year, roughly 2028 to 2030, the same buyer would take a further 30% to 54.9%.
- A fallback. Failing that, the will points to a stock market listing in Italy or an equivalent market.
Either way, the foundation is meant to keep at least 30.1%. The arithmetic shows the design: 15% plus 54.9% is 69.9%, so a partner could end up with most of the capital while the foundation stays the anchor.
Why LVMH, L’Oréal and EssilorLuxottica
Two of the three already earn from the brand. L’Oréal’s Armani beauty licence runs until 2050, according to Reuters, and EssilorLuxottica’s eyewear licence was renewed in 2022 for a further 15 years (to 2037, according to Forbes Italia). Reuters estimated in 2025 that Armani beauty brings L’Oréal about €1.5 billion of sales a year and eyewear about €500 million to EssilorLuxottica. For a licensee, a stake protects a valuable contract. EssilorLuxottica is itself family-anchored: about a third belongs to Delfin, the holding of Leonardo Del Vecchio’s heirs. LVMH has no such licence, and Reuters noted that it tends to keep control of the brands it buys.
Where the Armani Sale Stands in October 2026
Reports have disagreed on timing. In August, Corriere della Sera, citing company sources and board papers, reported that the sale might not be completed until after March 2027 and, according to Reuters’ account, that the timing set out in the will was not binding. Irving Bellotti, a Rothschild & Co banker on the foundation’s board, expected completion during 2027, it said, and a listing was not ruled out.
In late September the message was different. On 27 September the Financial Times reported that Armani would meet the three groups in the coming weeks. The same day, at the house’s Milan Fashion Week show, Marsocci said it was “not set in stone” that there would be a single investor, that no decision had been taken, and that the company was within the founder’s timeline. According to Reuters and the FT, EssilorLuxottica wants only a smaller stake, LVMH has looked at investing alone, and L’Oréal will study the opportunity once the process starts.
No price has been disclosed. Bankers and advisers quoted by Reuters put the group’s value at around €5 billion to €7 billion, an estimate, not an offer. Forbes Italia, citing ANSA and Milano Finanza, reported 2025 revenue of €2.192 billion, down 4.6% (2.8% at constant exchange rates), and EBITDA of €152.7 million.
What the Armani Model Means for a Family
The will combines three tools. A foundation gives permanence and a floor of 30.1%. Usufruct separates votes and income from ownership, much as holding structures split votes from value. A list of preferred partners turns a sale into a plan. The Tata Trusts show the risk: when charities own the company, disagreement among those in charge can stall big decisions.
A deadline in a will has a cost too: a seller known to be on a clock can lose bargaining power.
A fair caveat
The will’s terms come from Italian press reports, not the document itself, and they differ in places: some say 18 months, others 12 to 18 months, and the 32% figure for Dell’Orco appears only in Forbes Italia. The valuation is an estimate by unnamed bankers. The talks may still end in a different split, a delay or a listing.
Five lessons to take away
- Write down the order of events, not just the end state. Armani set who could buy, when, and how much.
- Keep an anchor. A minimum stake keeps the foundation in the room after any sale.
- Votes, income and ownership can sit in different hands. Bare ownership and usufruct are one way to split them.
- Know your forced-heirship rules. With no reserved heirs, Armani was free to choose a foundation.
- Give deadlines some flexibility. A rigid clock in a will can weaken the seller in a soft market.
Questions to bring to your advisors
If we wanted our company to pass to a foundation or a partner, which relatives could claim a reserved share? Should a will name preferred buyers and a timetable, and how binding should it be? Who would vote our shares, and who would receive the income, during the transition? These are questions to bring to your lawyers and tax advisors, not advice.
