• Armani's will instructs heirs to sell 15% stake within 18 months or pursue an IPO.
• Preferred buyers include LVMH, L'Oreal, and EssilorLuxottica.
• The company is valued between €5 billion and €12 billion ($5.9 billion to $14 billion).
• The Armani Foundation must retain at least 30.1% of capital post-sale.
• Key figures involved include Pantaleo Dell'Orco, the designer's lifelong partner and right-hand man.

Following the death of renowned fashion designer Giorgio Armani on September 4, 2025, his will has made waves in the fashion industry, indicating a potential shift in the ownership structure of his iconic brand. The will instructs heirs to sell a 15% stake in the company within the next 18 months, with options to increase that stake to between 30% and 54.9% over a span of three to five years if a suitable buyer is found, or to seek an initial public offering (IPO), according to Los Angeles Times, Reuters, and South China Morning Post.

The key players identified as potential buyers in the will include luxury conglomerate LVMH, beauty giant L'Oreal, and eyewear leader EssilorLuxottica. Notably, the will also permits the selection of other luxury companies of equal standing if no suitable offers materialize from the preferred bidders, as highlighted by India Times and Reuters.

Under the terms of the will, the total value of the Armani brand is estimated to be between €5 billion and €12 billion ($5.9 billion to $14 billion). The company generated stable revenues of €2.3 billion ($2.7 billion) in 2024, yet profits have declined significantly, reports say Reuters and India Times.

Moreover, the will specifies that the controlling group must maintain at least 30.1% of the capital, reinforcing the brand's core values and independence as articulated by Armani. This requirement ensures that the Giorgio Armani Foundation holds a significant strategic role alongside Pantaleo Dell'Orco, who is identified as a critical decision-maker moving forward, according to Reuters and Los Angeles Times.

The implications of Armani's decisions are profound, marking a notable transition for a brand that has long resisted outside influence, with analysts suggesting that the luxury market faces a pivotal moment as institutional ownership rises. Major players, such as LVMH, have already signaled potential interest, positioning themselves as viable buyers of the brand's future stake, as reported by Reuters and South China Morning Post.