Armani’s name has become synonymous with the red carpet, thanks to his close relationship with the stars.\u00a0<\/p>\n
But Armani’s will, reviewed by Reuters, stated that heirs should sell an initial 15 per cent stake in the Italian fashion house within 18 months.<\/p>\n
It also instructed they should later transfer an additional 30 to 54.9 per cent stake to the same buyer between three and five years after Armani’s death.<\/p>\n
The will also said priority should be given to luxury giant LVMH, beauty heavyweight L’Oreal, eyewear leader EssilorLuxottica or another group of “equal standing” identified by a foundation the designer set up to preserve his legacy with the agreement of Armani’s business and life partner Pantaleo Dell’Orco.<\/p>\n
L’Oreal said on Friday, local time, it would study the opportunity.<\/p>\n
Alternatively, an initial public offering should be pursued, in Italy or in a market of equal standing, the will said.<\/p>\n
The explicit mention of stake sales and France-listed players as potential buyers is in stark contrast with Giorgio Armani’s persistent refusal to dilute his control or list his fashion group on the stock market.<\/p>\n
<\/p>\n
Italian designer Giorgio Armani rejected several offers to buy his company over the years. (Reuters: Chris Helgren)<\/p>\n
Over the years, the maker of popular unstructured suits that gained him international fame received several approaches.<\/p>\n
This included one in 2021 from John Elkann, scion of Italy’s Agnelli family, and another from luxury brand Gucci, when Maurizio Gucci was still at the helm.<\/p>\n
Armani was the sole major shareholder of the company he set up with his late partner Sergio Galeotti in the 1970s and over which he maintained a tight rein \u2014 both creative and managerial \u2014 until the very end.<\/p>\n
He has left behind no children to inherit the business, which generated relatively stable revenue \u2014 2.3 billion euros ($4 billion) in 2024 \u2014 but whose profits have shrunk amid a broad luxury industry recession.<\/p>\n