Giorgio Armani, who passed away at the age of 92, bequeathed to his heirs to gradually sell the brand or list its shares on the public market, according to Italy’s ANSA news agency.
The legendary designer, who never married and had no children, divided his estate between his longtime partner, Pantaleo Dell’Orco, and close relatives.
Dell’Orco inherited 40% of the company, while 30% was allocated to the Giorgio Armani Foundation, established in 2016. Armani’s nephew and niece, both active in different areas of the business, received 15% each. Other relatives were left non-voting shares. His fortune is estimated at between €11 and €13 billion.
Under Armani’s wishes, the foundation must sell 15% of the company within 12 to 18 months, followed by an additional 30–54.9% over the next three to five years to the same buyer. Another option would be to float the company on the stock market within five to eight years. Armani even named potential buyers, pointing to luxury giants such as L’Oréal, LVMH, and EssilorLuxottica.
His properties—including homes in Milan, Saint-Tropez, New York, and on the island of Pantelleria—were left to his sister Rosanna and his nephews. However, they were granted only bare ownership, meaning they may sell or pass on the properties, but usage rights belong to Dell’Orco. He will be able to live in the homes, manage them, and collect any income.
Armani passed away last Thursday, reportedly surrounded by loved ones. The cause of death was liver failure.
