In a will as meticulously tailored as his suits, Giorgio Armani has set out how his empire should change hands.
The late designer instructed heirs to sell a 15% stake in the group within 18 months of his death, followed by a transfer of a further 30% to 54.9% between three and five years later.
If no buyer emerges, heirs are told to pursue a stock market listing.
The document, seen by Reuters, gives priority to luxury powerhouses such as LVMH, L’Oréal and EssilorLuxottica, though it leaves scope for other groups with existing commercial ties.
Armani, who co-founded the business in the 1970s with Sergio Galeotti, kept creative and managerial control until his death and remained its sole major shareholder.
The company posted revenues of €2.3 billion in 2024, but profits have thinned amid an industry downturn.
Without direct heirs, Armani has left behind not just a brand but a carefully stitched succession plan.