The news of the death of Giorgio Armani on Sept. 4 in Milan shot through the day, causing national television to interrupt its regular broadcast and — despite his age and his recent health scares that caused him to skip his men’s and Privé shows last summer for the first time — sending shock waves through the city, the country and the world at large, not only within the fashion industry but also to the proverbial man on the street.
Such was the impact of the designer’s death at 91 that, during the following weekend, thousands of people lined up outside his headquarters on Via Bergognone to pay their respects, with tributes from Italy’s President Sergio Mattarella, who described Armani as “a symbol of Italian genius in the world,” to other government figures, entrepreneurs, designers and celebrities from the worlds of cinema, theater, arts, design and sports.
Adding further poignancy to his death was that Armani, who held the role of chairman, chief executive officer and creative designer, was readying the celebrations to mark his company’s 50th anniversary in September. The spring 2026 fashion show and exhibition Armani was mounting at the Pinacoteca di Brera Museum, retracing five decades in fashion through 150 archival looks, were held as scheduled, with both attracting some of the designer’s longtime celebrity friends, from Cate Blanchett, Glenn Close and Lauren Hutton to Richard Gere, Samuel L. Jackson and Spike Lee, to name a few.
In the months following, speculation about the future of Armani’s company continued to draw attention and fill media outlets around the world. In fact, rumors continue to swirl about the future ownership of the designer’s fashion group, which in 2024 posted revenues of 2.3 billion euros with a net cash position of 569.7 million euros, and what will happen to its lucrative licenses.
Not one to leave anything to chance, Armani left not one but two wills, one dated March 15 and the other April 5, with provisions for his real estate and other properties, from Saint-Tropez to Antigua, and for his company, while deciding that his namesake foundation would manage the fashion group.
Armani fiercely protected his independence and that of the group while he was alive, but he gave instructions that after 12 months from the opening of the will and within 18 months at the most, an initial 15 percent of the his namesake company could be sold to either LVMH Moët Hennessy Louis Vuitton, EssilorLuxottica or L’Oréal — the latter two the group’s eyewear and beauty licensees, respectively.
He did not rule out other companies besides those three, as long as they operate in the world of fashion and luxury and are of equal standing.
LVMH, L’Oréal and EssilorLuxottica subsequently issued statements praising the brand and each could already be potentially looking into a bid for one of fashion’s most iconic labels.
Armani also stated that, between the third and fifth years after the opening of the will, the foundation and the heirs could choose to sell a stake of between 30 and 54.9 percent to the same buyer of the first group of shares, or in five years and within eight, to consider a public listing in Italy as a priority but also on other markets of equal standing. Even following the potential listing, the foundation would keep a 30.1 percent stake of the group to ensure its control.
Pantaleo “Leo” Dell’Orco, Armani’s longtime partner in charge of the men’s division, has a key role, owning 40 percent of the voting shares.
Armani had a stake of almost 2 percent in EssilorLuxottica, which goes to Dell’Orco (40 percent) and to the late designer’s family (the remaining 60 percent).
Andrea Camerana, Silvana Armani and Leo Dell’Orco.
Dell’Orco is part of the tight-knit circle of friends and collaborators that Armani called family. The designer’s closest relatives include his nephew Andrea Camerana, the son of Armani’s sister Rosanna, who also works in the company, and Roberta Armani, who is the daughter of the designer’s late brother, Sergio, and who has been in charge of the group’s celebrity relations for years, often acting as Armani’s deputy on social occasions around the world as the face of the company. Her sister Silvana is part of the design team.
The designer revealed details about the future of his company for the first time in 2016, confirming he had established the long-rumored Fondazione Giorgio Armani, which, while aiming to fund social projects, also ensured that his fashion group would live on. Armani in his will declared that the foundation is expected to ensure the company’s activities will be managed “ethically, with moral integrity and correctly.”
The priority is to continue to develop the Armani name at a global level and abide by a “careful diversification strategy and segmentation of the different company brands maintaining consistency in design, image, product and communication.” It is expected to stay true to “an essential modern, elegant and not ostentatious style with attention to detail and fit,” paying “attention to innovation, product excellence, quality and research.”
The approach to acquisitions must be “cautious” and “aimed solely at the development of competences that do not exist internally from a market point of view, by product or channel.” The level of investments should remain adequate “for the continuous development of the brands,” and financial management should be “balanced” with limited access to debt. Finally, profits should be adequately reinvested in the company with the goal to support cash generation over time.
As for the governance of the foundation, Camerana takes his seat on the board succeeding Armani, with Dell’Orco and Irving Bellotti, a partner at Rothschild & Co. Notary Elena Terrenghi, whose studio opened the will, is now also on the board.
In October, Giuseppe Marsocci, a longtime Armani executive, was named the fashion group’s chief executive officer and managing director.
In a further sign of continuity, the group’s new board was approved in November, comprising eight members, selected by the foundation and the designer’s heirs. They are chairman Dell’Orco; Armani’s niece Silvana and Camerana; Marsocci; Marco Bizzarri; former Armani top executive John Hooks; Federico Marchetti, and Angelo Moratti. The latter four do not have operational roles in the company.
