The recent death at the age of 91 of Giorgio Armani, one of Italy’s most iconic fashion designers, has ushered in a carefully planned transition for his business empire and personal estate, worth an estimated 11-13 billion Euro.
Armani was greatly admired for the way that he had always maintained control over his brand, both creatively and financially. This control extended into his estate planning, with which he ensured that his values, strategic thinking, and sense of legacy would survive him. It could actually be said that he planned his succession in a way that feels like one of his signature pieces: meticulously cut and designed to last.
The designer left two carefully drafted handwritten wills (the form of Italian will known as “testamento olografo“) made respectively on March 15th and April 5th 2025 and deposited in sealed envelopes with a Notary (this type of will is known as a “testamento segreto”). These wills were opened and published in by the Notary Elena Terrenghi in Milan on 9th September 2025. With these wills the designer laid out in detail how he wanted his legacy preserved and how his company should continue to evolve.
Armani left no children or spouse, and therefore no heirs known as the “eredi legittimi” could claim a fixed share of his estate under the forced heirship rules which underpin Italian succession law. The family members named as his heirs are his sister Rosanna, his three nieces and nephews Silvana and Roberta Armani and Andrea Camerana. Also named as heir is Armani’s long‐time partner and collaborator, Leo Dell’Orco.
Armani’s estate comprises real estate, villas, luxury properties situated in Europe, the United States and the Caribbean as well as yachts, art, and shareholdings in other companies.
Armani’s wills most notably laid out a carefully planned strategy for the future governance of his empire. By the wills he directed that 100% of the company shares of Giorgio Armani Spa would be transferred immediately to the Giorgio Armani Foundation, which already holds 0.1% of the capital. By vesting ownership in the Foundation, Armani ensures the brand’s heritage and aesthetic principles will be protected taking the direct responsibility out of the hands of the named heirs. The Foundation must always retain at least 30% stake in the company, which ensures it will always retain an influence in the future of the brand.
Rather than selling the empire immediately, Armani planned a gradual transfer of ownership of the remaining capital. He instructed that within 12 to 18 months after his death, 15% of the company’s capital be sold. Preference for buyers is given to luxury conglomerates LVMH, EssilorLuxottica, or L’Oréal, or to another company of comparable luxury standing, with which the brand already has close ties.
Between 3 and 5 years from the opening of the succession, a further share (minimum 30%, to maximum 54.9% of the capital) must then be sold to the same purchaser that bought the initial 15%. If that does not happen the company must be listed on a regulated stock exchange (“quotazione in Borsa”) within 5 to 8 years.
This phased approach over a number of years will ensure the brand is not destabilised, and any change of control should still respect Armani’s vision of brand identity, style and independence. The future direction of Armani brand will still be carefully controlled by the iconic designer after his death remaining true to its origins – promoting elegant yet understated Italian style which is able to evolve in changing times.
This is one of the more detailed wills ever seen from a major luxury brand founder in Italy. It may influence how other high net worth individuals and entrepreneurs approach succession planning, especially those with no direct descendants, following the Armani example of how transfer an empire while preserving its identity and influence.