Giorgio Armani: What does the future hold for the group?

The legendary Italian couturier, who passed away on 4 September, leaves behind a highly coveted luxury empire. As succession questions multiply, the future of the Giorgio Armani brand now takes center stage.

“Giorgio Armani has always made independence of thought and action his trademark. Today, as in the past, the company reflects this spirit. His family and collaborators will continue the adventure of the group in respect and continuity of these values,” stated the company when announcing the death of the iconic designer. These clear words, however, open the door to many questions about the future of the empire left behind by “King Giorgio.”

Between the company and his personal estate — including properties, artworks, real estate investments, shares, the Olimpia Milano basketball team, and the Armani/Silos museum — Giorgio Armani leaves behind a fortune estimated between €11 billion and €13 billion. With no direct heirs, he was free to designate how his estate would be managed. His last wishes will be revealed once his will is opened.

His immediate family includes his sister, Rosanna (86), and her son, Andrea Camerana (55), as well as his two nieces, Silvana (69) and Roberta (54), the daughters of his late brother, Sergio. All are members of the board of Giorgio Armani SpA, as is his longtime right-hand and managing consultant, Pantaleo “Leo” Dell‘Orco (72), who oversees the menswear collections. The designer has long referred to them as his intended successors.

The board also includes Yoox founder Federico Marchetti and Rothschild banker Irving Bellotti, who is also a board member of the Giorgio Armani Foundation, created in 2016 to ensure continuity of the company’s vision.

In a recent interview with How To Spend It, the Financial Times supplement, Giorgio Armani reiterated this succession plan: “My succession plan consists of gradually transferring the responsibilities I have always assumed to those closest to me, such as Leo Dell’Orco, to family members and to the entire team.” He added, “I would like the succession to be organic and not a moment of rupture.”

The founder controlled 99.9% of Giorgio Armani SpA, with the Giorgio Armani Foundation holding the remaining 0.1%. In 2024, the group employed nearly 8,700 people globally and posted €2.3 billion in revenue — a 6% drop from the previous year. Net profit also fell sharply, from €163 million in 2023 to €51.6 million. Europe accounts for 49% of revenue, with the Americas and Asia-Pacific each contributing 21%.

Armani meticulously prepared for this transition. The company’s revised articles of association were first approved in 2016 and finalized in September 2023. These statutes will take formal effect upon the opening of the succession. According to press reports at the time, the structure includes various share categories and voting rights, with a potential public listing allowed five years after the statutes take effect. Furthermore, 75% of shareholders must approve any mergers, spin-offs, amendments, or capital increases at an extraordinary general meeting.

During the transition, management may be handled by a select leadership committee. Creatively, Armani leaves behind a globally recognized design language and aesthetic. For now, it’s difficult to imagine another designer stepping into his shoes. The in-house design studio, led in part by Leo Dell’Orco, is expected to continue developing upcoming collections.

The responsibility of preserving the brand’s identity and value, estimated to be worth between €6 billion and €12 billion, depending on the analysts, will rest with the family and senior leadership. How this heritage is managed and evolved in the near future will shape Giorgio Armani SpA’s trajectory — and may invite interest from global luxury groups and investment funds.