The entirety of Giorgio Armani SpA has been left to the Giorgio Armani Foundation, according to the late fashion designer’s will. The foundation receives 9.9% of the shares in full ownership and a 90% remainder interest in the shares, the usufruct of which is assigned to his long-time partner Pantaleo Dell’Orco, his three grandchildren, and his sister Rosanna.
The will stipulates that within 12 to 18 months, the foundation must sell a 15% stake in the fashion group, “on a priority basis, to one among the LVMH Group, the EssilorLuxottica Group, the L’Oréal Group, or to another company or corporate group identified with the agreement of Leo Dell’Orco.” Following this initial sale, the will mandates that “starting from the third year and within the fifth year from the opening of the succession,” a further stake of between 30% and 54.9% must be sold to the same buyer. An alternative path is a stock market listing within five to eight years. These moves would see the foundation’s holding reduce to a minimum of 30.1%.
In terms of corporate control, Pantaleo Dell’Orco, Armani’s partner and right-hand man, is allocated 40% of the voting rights in the fashion house. The foundation will hold 30% of the voting rights, with the designer’s grandchildren, Silvana Armani and Andrea Camerana, each receiving 15%. Non-voting shares are assigned to Roberta Armani and Rosanna Armani.
The will also detailed the distribution of Armani’s extensive real estate holdings. Full ownership of a 75% stake in the company L’Immobiliare Srl—which manages properties in Saint Tropez, Antigua, Broni, and Pantelleria—is left to his sister Rosanna and grandchildren Andrea and Silvana. They also receive the remaining 25% as a remainder interest, with the usufruct going to Dell’Orco.
Dell’Orco is granted a life usufruct of the designer’s Milanese home on Via Borgonuovo. Armani specified that the furnishings and ornaments—with the exception of a Matisse painting and a photograph by Rayman—are not to be removed and must remain as part of the property for as long as Dell’Orco lives there. Other property dispositions include a home in St. Moritz for his grandson Andrea (with usufruct to Dell’Orco), a New York apartment for Dell’Orco, and another in New York for his sister and grandchildren.
Furthermore, Armani’s nearly 2% stake in EssilorLuxottica was divided, with 40% going to Dell’Orco and 60% to family members. Smaller share packages were bequeathed to close collaborators and friends, including Michele Morselli, the CEO of his real estate company.
The will also enshrined the core principles that must guide the foundation, including “managing activities in an ethical manner, with moral integrity and correctness,” and the pursuit of “an essential, modern, elegant, and understated style,” with a focus on “innovation, excellence, quality, and sophistication.”
In an official statement, the executive committee of Giorgio Armani SpA committed to upholding the founder’s wishes, stating they would work to ensure “the best possible future for the company and the brand.” The committee noted that strategic choices in the short and medium term are entrusted to Dell’Orco and the family, with the foundation’s support, and that the foundation will never fall below a 30% stake to act as a permanent guarantor of Armani’s founding principles.
In reaction, French cosmetics giant L’Oréal, which has held the license for Armani perfumes and cosmetics since 1988, said it was “touched and honoured” to be considered and would “study with great consideration” the prospect of taking a stake in the company.