Giorgio Armani, the pioneer and owner of the iconic luxury fashion house Armani died on September 4th, 2025 at the age of 91. The Italian billionaire's will was unsealed on Thursday, revealing how he wanted his estimated $9.6 billion fortune to be divided up and more related information.
Prior to his death, Armani owned 99.9% of his company with the Armani Foundation holding the remaining 1%.
What happens to Armani next?
Armani, who was known for prizing his brand's independence from larger fashion groups, directed his heirs to sell a 15% stake in the business within 18 months. For this he identified three preferred bidders: French billionaire Bernard Arnault’s luxury conglomerate LVMH; French beauty giant L'Oréal, part-owned by billionaire Françoise Bettencourt Meyers and her family; and EssilorLuxottica, the world’s largest eyeglasses firm.
Alternatively, Pantaleo Dell’Orco, Armani's longtime right-hand man has the power to identify another buyer among luxury fashion groups of similar size.
Next, within the five years of the fashion icon's death, his heirs must sell between 30% and 54.9% of the company to the same buyer or take the firm public on an Italian stock exchange or an international market of similar standing.
Who are the Armani heirs?
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As per the will, the Armani Foundation will now hold 10% of the company shares with Dell'Orco inheriting a 30% stake in the business. The remaining 60% will be divided equally between Armani's sister Rosanna Armani, 86; her son Andrea Camerana, 55; and Armani’s nieces Silvana Armani, 69 and Roberta Armani, 54, daughters of his late brother Sergio.
However, voting rights will remain with Dell'Orco and the foundation with both controlling 70% of the votes together. That structure will be applicable only till the first transaction where the five heirs will sell 15% of their stake to the new buyer and the same to the foundation. They will be gaining net profits from the sale and the proceeds from selling an additional 30% of the company, capping their profits at 45% of the company's value.
Dell'Orco who joined the company just two years after it was founded in Milan, will get 32% of the proceeds and will guide the sales process. In no circumstances can the foundation's stake in the company go below 30.1%.
Who gets the Armani real estate?
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Armani owned a home in Milan, a villa on the Mediterranean island of Pantelleria, a countryside mansion in Brioni, a house in Saint-Tropez, France and a cliffside estate in the Caribbean island of Antigua. Additionally, he also owned a yacht, Main whose interiors he designed himself. These assets will be split between Dell'Orco, Rosanna, Silvana and Camerana.
On the other hand, the billionaire also owned an apartment in Paris, a chalet in St Moritz, a house in Italy, and two apartments in New York. Camerana will get the St Mortiz home while Rosanna, Silvana and Camerana got one of the New York apartments with Dell'Orco getting the other. Silvana also gets the Paris apartment.
Other Armani benefactors
Not only family members, Armani left 100,000 EssilorLuxottica shares worth $30 million to Michele Morselli, the head of his real estate company L'Immobiliare along with $38 million in Italian government bonds. While four other executives received 7,500 shares worth $2 million apiece, he also has roughly $3.6 million in a trust established by his sister Rosanna for her two grandchildren.
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