The fashion world is reflecting on the enduring legacy of Giorgio Armani, following the official opening of his last will and testament on September 9, 2025. Armani, who passed away on September 4, 2025, at the age of 91, meticulously prepared for the future of his global fashion empire.
His handwritten documents, dated March 15 and April 5, 2025, were processed at the notary Elena Terrenghi's office in Milan, with his heirs and legal representatives in attendance. Armani, known for his foresight and control, had no children, allowing him the freedom to dictate the distribution of his substantial estate, estimated to be between 11 and 13 billion euros. The cornerstone of his wealth and legacy is Giorgio Armani S.p.A., a company where he held a 99.9% stake. The remaining 0.1% was held by the Giorgio Armani Foundation, established in 2016 to ensure the company's independence and stability.
The foundation is central to the succession plan, with statutes designed to uphold robust governance and facilitate a gradual transfer of responsibilities. Key beneficiaries of Armani's estate include his nieces, Silvana and Roberta Armani, daughters of his brother Sergio, and Andrea Camerana, the son of his sister Rosanna. Pantaleo Dell'Orco, Armani's long-time partner and a pivotal figure in the company's management, is also a significant recipient of his testamentary wishes and is expected to play a crucial role in the brand's creative direction, particularly in menswear. Dell'Orco has been a close confidant for over four decades.
Armani's personal assets are as impressive as his business acumen, including residences in Pantelleria, Milan, Forte dei Marmi, and Oltrepò Pavese, as well as properties in Saint Moritz, Paris, and Saint Tropez. His estate also encompasses valuable art collections and significant stakes in companies like EssilorLuxottica and the basketball club Olimpia Milano.
The succession of Giorgio Armani marks a pivotal moment for the fashion industry. The Giorgio Armani Foundation is tasked with ensuring the continuity and evolution of the company, honoring the founder's vision and values. The will stipulates that a 15% stake in the company should be sold within 18 months, with a preference for luxury conglomerates like LVMH, EssilorLuxottica, or L'Oréal. Alternatively, an initial public offering may be pursued. The foundation itself is set to retain at least a 30% stake, acting as a permanent guarantor of the brand's founding principles and creative integrity. This strategic approach aims to preserve the brand's independence and identity, ensuring consistent management and honoring the founder's unparalleled vision for decades to come.