FILE PHOTO: Italian designer Giorgio Armani poses for pictures inside his boutique in Via Condotti, in Rome, Italy, June 5, 2013. REUTERS/Remo Casilli/File Photo
Silvana Armani, niece of late designer Giorgio Armani, walks outside the Armani/Teatro as Armani lies in state, following his death at the age of 91, in Milan, Italy September 7, 2025. REUTERS/Remo Casilli/ File Photo

MILAN (Reuters) - Giorgio Armani, who died last week aged 91, surprised the fashion world by instructing his heirs to gradually sell the empire he had set up in his 50-year-long career.

Like everything he did - from the broad company strategies to the models' hair before a catwalk - the "king of fashion" did not leave anything to chance.

Below are the details from his will.

FOUNDATION, PARTNER TO CONTROL THE COMPANY

The designer decided that the Giorgio Armani Foundation, he established in 2016, will initially hold a 10% direct stake in the company, giving it 30% of voting rights, and the right to other shareholders' stakes in case of their death.

The remaining shares will be split among Armani's partner Pantaleo (Leo) Dell'Orco, who will get the largest share of capital and voting rights, the late designer's sister Rosanna, his two nieces Silvana and Roberta and his nephew Andrea Camerana.

While Armani's sister and one of his nieces, Roberta, will not hold any voting rights, Dell'Orco will have 40% and together with the foundation, will control the fashion label.

Armani group's new ownership structure

Share category/Heir Capital Voting

(%) rights (%)

A/Pantaleo dell'Orco 30 40

B/ Silvana Armani 15 15

C/ Roberta Armani 15 0

D/ Andrea Camerana 15 15

E/ Rosanna Armani 15 0

F/ Fondazione 10 30

Giorgio Armani

Proceeds from the company will be divided among his partner and family according to their shareholding, with the foundation's 10% equally paid to the five members.

SALE INSTRUCTION

The will instructed the foundation to sell 15% of the fashion house within 18 months, giving priority to French luxury conglomerate LVMH, beauty giant L'Oreal and Franco-Italian eyewear group EssilorLuxottica.

Otherwise, the stake should be sold to a company "identified and with the agreement of Leo", operating in the fashion and luxury world and with the same standing as those listed above, putting groups that have commercial partnerships with Armani first.

The buyer will have 15% of voting rights and will be able to appoint a board member.

After the sale, Dell'Orco will keep his 40% voting rights, despite a smaller holding, while the foundation's share of voting rights will drop, but it will have a veto power on major decisions, such as changes of statute, capital increases and all M&A activity.

Armani group ownership after 15% stake sale

Share category/Heir Capital Voting

(%) rights (%)

A/Pantaleo dell'Orco 20 40

B/ Silvana Armani 10 15

C/ Roberta Armani 10 0

D/ Andrea Camerana 10 10

E/ Rosanna Armani 10 0

F/ Fondazione 25 25

Giorgio Armani

New shareholder 15 15

Under Italian law, provisions in the will are legally binding and can be challenged in court if not followed.

SECOND SALE OR LISTING

In three to five years, Armani's heirs should dispose of another 30-55% to the same buyer, or otherwise list the company, preferably on the Milan bourse.

According to the will, regardless of the decision, the Giorgio Armani Foundation will always have to hold a stake of at least 30.1% in the famed fashion house.

ESSILORLUXOTTICA

Armani's stake of just above 2% in Franco-Italian eyewear giant EssilorLuxottica, worth about 2.5 billion euros ($2.9 billion) will be split among family and senior company managers.

The head of Giorgio Armani's real estate company, Michele Morselli, will be handed 100,000 shares, worth over 26 million euros, while the group's two director generals, Giuseppe Marsocci and Daniele Ballestrazzi, along with two other senior managers, will own 7,500 shares each.

Dell'Orco will receive 40% of the remaining shares and Armani's family members 60% of them, "with no shared ownership".

($1 = 0.8544 euros)

(Reporting by Giulia Segreti, editing by Lisa Jucca and Tomasz Janowski)