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Giorgio Armani's Will Orders Gradual Sale or IPO of Fashion Empire. Giorgio Armani’s will instructs heirs to sell a 15% stake of the Italian fashion house within 18 months after his death. A further 30% to 54.9% stake should be transferred to the same buyer between three and five years, according to the document reviewed by Reuters. Alternatively, the will allows for an initial public offering (IPO) as a path for the company’s future. Priority for the sale is suggested to luxury giants such as LVMH, beauty leader L’Oreal, and eyewear company EssilorLuxottica. Armani’s heirs are also advised to consider other fashion and luxury companies with existing commercial ties for potential acquisition. Armani, who co-founded the brand with Sergio Galeotti in the 1970s, was the sole major shareholder and maintained full creative and managerial control until his death. The company generated stable revenue of €2.3 billion in 2024, despite declining profits amid a broader industry downturn, and Armani left no children to inherit the business. Armani passed away on September 4 at the age of 91.
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