Fashion
Giorgio Armani leaves his business to the Foundation, family and friends, but heirs must eventually sell a big stake
Published
September 12, 2025
Giorgio Armani‘s will has been published and the complex document instructs his heirs to eventually sell control of the business to one of a trio of the biggest names in fashion and beauty.
The will instructs his heirs to sell a 15% stake in the Italian fashion house within 18 months and then transfer another 30%-54.9% to the same buyer between three and five years after his death. As an alternative, to this approach, Armani said his heirs should opt for an initial public offering.
So which are the three companies? Priority will be given to luxury giant LVMH, beauty behemoth L’Oréal, and eyewear giant EssilorLuxottica. But other groups could also be in the frame as the will tells the heirs to consider businesses with which Armani’s company has commercial ties.
Armani established his company in the 1970s with his late partner Sergio Galeotti and controlled it until the very end. With no children, the Giorgio Armani Foundation will essentially own the main fashion business, but the multi-billion-euro group actually passes to a variety of heirs.
They include the foundation, but also Armani’s partner and right-hand man Pantaleo dell’Orco, his three grandchildren and sister Rosanna.
It’s a complex set-up and none of the parties has complete control with dell’Orco assigned 40% of the voting rights in the fashion company, the Foundation having 30% and family members holding the rest, although non-voting shares were assigned to his niece Roberta Armani and sister Rosanna Armani.
But as mentioned, the percentages will change within a maximum of 18 months as the heirs sell a stake to one of the three named companies or “to other companies or corporate groups identified by itself with the agreement of Leo [dell’Orco]”.
Armani had wide business interests including a vast amount of property, a theatre, a basketball team, restaurants and much more. Aside from the main company, Rosanna Armani and nephews Andrea Camerana and Silvana Armani inherit other properties, with dell’Orco also recognised there. Armani’s almost-2% stake in EssilorLuxottica is also divided between dell’Orco and family members with smaller stakes left to his other collaborator and friend Michele Morselli plus Daniele Ballestrazzi, Giuseppe Marsocci, Laura Tadini and Luca Pastorelli.
Importantly, Armani also stipulated in his will that his company should be managed “in an ethical manner, with moral integrity and fairness”, that “the pursuit of an essential, modern, elegant and unostentatious style” is key, along with “attention to innovation, excellence, quality and product refinement.”
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The goal, however, is challenging due to external pressures, including stricter technical barriers, reciprocal tariffs on goods exported to the United States, and the European Union’s Carbon Border Adjustment Mechanism (CBAM) for selected industrial products.
Therefore, major export industries in the country have started restructuring and adjusting strategies early in the year to seize market opportunities.
Following a record export value of $475 billion achieved in 2025—up by 17 per cent YoY—Vietnam aims at adding nearly $38 billion to the figure in 2026.
Major export industries in the country have begun restructuring and adjusting strategies early in the year to seize market opportunities.
The textile and garment sector, which earned $46 billion in 2025, has set a target of $50 billion in exports in 2026.
The textile and garment sector, which earned $46 billion in 2025, has set a target of $50 billion in exports in 2026.
The sector is focusing on strengthening domestic supply chains, raising localisation rates and making more effective use of free trade agreements (FTAs), Vu Duc Giang, chairman of the Vietnam Textile and Apparel Association (VITAS), was cited as saying by a domestic media outlet.
Exports may grow by 15-16 per cent this year, driven by market expansion and a shift towards higher-value products, according to MB Securities’ Vietnam Outlook 2026 report.
Fibre2Fashion (DS)
The data showed that the decline was driven mainly by weaker domestic exports, with goods produced in the Netherlands down 8 per cent YoY. In contrast, re-exports to the US rose 3.9 per cent during the period. Exports to the US have fallen every month on a YoY basis since July, CBS said in a press release.
Trade flows were influenced by uncertainty around US import tariffs. In the first half of 2025, trade between the two countries continued to grow, possibly as companies advanced shipments ahead of announced tariff measures.
Goods exports from the Netherlands to the United States fell 4.7 per cent YoY to €27.5 billion (~$33 billion) in the first ten months of 2025, driven by an 8 per cent drop in domestic exports, according to CBS.
Re-exports rose 3.9 per cent, while tariff uncertainty weighed on trade.
Imports from the US increased 1.9 per cent to €48.1 billion (~$57.7 billion).
Meanwhile, imports from the United States rose 1.9 per cent YoY to €48.1 billion (~$57.7 billion) in the first ten months of 2025.
Fibre2Fashion News Desk (SG)
The Philippines’ economic growth for the third quarter (Q3) of 2025 has been revised slightly lower, with gross domestic product (GDP) expanding 3.9 per cent year on year (YoY), down from the preliminary estimate of 4 per cent.
Gross national income growth for the quarter was also revised to 5.4 per cent from 5.6 per cent, while net primary income from the rest of the world was adjusted to 16.2 per cent from 16.9 per cent.
The Philippine Statistics Authority has revised down the country’s third-quarter 2025 GDP growth to 3.9 per cent from an earlier estimate of 4 per cent.
Gross national income growth was also lowered to 5.4 per cent, while net primary income from abroad eased to 16.2 per cent.
The PSA said the adjustments reflect its standard, internationally aligned revision policy.
The Philippine Statistics Authority said the revisions were made in line with its approved revision policy, which follows international standards for national accounts updates.
Fibre2Fashion News Desk (HU)
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