Italian fashion icon Giorgio Armani, who passed away on September 4 at the age of 91, outlined in his will that part of his luxury empire should eventually be sold to a leading international group. The designer, who spent more than five decades building one of the world’s most prestigious fashion houses, left clear instructions for his foundation—the main heir of his business.

According to his will, made public on Friday, Armani directed the Giorgio Armani Foundation to sell a 15 percent share of the company to a major luxury player. He specifically named LVMH, L’Oréal, and EssilorLuxottica as his preferred choices, but also allowed room for any company of comparable global influence.

French cosmetics leader L’Oréal, which has been Armani’s partner in perfumes and beauty products since 1988, responded that it was “honoured” to be considered and would carefully evaluate the proposal.

The terms further state that within three to five years of the will’s execution, the chosen partner would have the option to increase its stake to gain majority control. If such a sale does not happen, Armani instructed that the company be listed on the stock market, while ensuring the foundation maintains at least a 30.1 percent shareholding.

In a statement, the Giorgio Armani executive committee emphasized that the foundation would always retain a strong voice in the company’s operations. It would serve as a permanent safeguard for Armani’s guiding principles: integrity, fairness, global growth, innovation, and the pursuit of timeless elegance.

Ownership & Control

At the time of his passing, Armani’s wealth was estimated at $11.8 billion by Forbes. He left the company in the care of his trusted associate Leo Dell’Orco, along with his niece Silvana Armani and nephew Andrea Camerana.

Under the will’s terms:

• The foundation will directly hold 10% of shares and retain ownership rights over the remainder.

• Voting rights are divided: 30% to the foundation, 40% to Dell’Orco, and 15% each to Silvana Armani and Andrea Camerana.

• Dell’Orco and family members, supported by the foundation, will be responsible for short- and medium-term strategic decisions.

Armani’s vast real estate assets were allocated to his sister Rosanna, his niece, and nephew. Dell’Orco, however, will retain use of some of Armani’s most cherished properties in Saint-Tropez, St. Moritz, Antigua, and Pantelleria.

Final Goodbye

The legendary designer, who had been battling fragile health for months, was buried in the family tomb near Piacenza, his birthplace. His funeral on Monday was a private affair, attended only by close relatives and friends, though tributes poured in worldwide from political leaders, stars, and the global fashion community.

Armani’s final collections will debut later this month at Milan Fashion Week, alongside an exhibition on September 24 marking 50 years of the iconic brand.