Armani’s will directs heirs to sell fashion house to LVMH, Luxottica or L’Oréal

The will of designer Giorgio Armani, who died on September 4 at the age of 91, obliges his heirs to sell the Armani group to one of three buyers – LVMH, Luxottica or L'Oréal, write Reuters and Financial Times.

At the first stage, the future buyer will receive 15% of the company's shares, and within five years after his death – another 30% to 54.9%.

If the sale fails, his heirs, who will receive the company through the Giorgio Armani Foundation, must choose to list it on the stock market, according to a will handwritten by Armani in April.

The designer was the sole shareholder of the group, which includes the Emporio Armani, Armani Exchange and Armani Privé brands, as well as hotels, restaurants and a lucrative cosmetics line that Armani ran until his death.

Recently, the group's revenue growth has slowed down, reaching €2.4 billion in 2024.