Giorgio Armani's contemplated strategy for partitioning his estate upon his demise: "I've been pondering it for some time now"
In a sombre turn of events, fashion icon Giorgio Armani passed away at the age of 91, leaving behind a legacy that extends far beyond the world of haute couture. Armani, the man who revolutionised Italian fashion and built an empire, is survived by his 86-year-old sister, Rosanna, and three nephews: Andrea Camerana, Silvana, and Roberta.
Armani's fortune, estimated to be around 10,000 million euros, will need to be distributed upon his death. The details of the succession plan, which Armani had in place since 2016, have not been revealed. However, speculation abounds about who might take over the firm, with many pointing towards Armani's niece Silvana or his partner, Leo Dell'Orco.
Dell'Orco, who is the president of the basketball team Pallacanestro Olimpia Milano, a brand owned by Armani since 2008, has been at the forefront of the speculation. He attended the last Milan Fashion Week shows in June 2022 due to Armani's indisposition, leading to much discussion about his role in the succession plan.
Armani's fashion house, which also owns the basketball team, is planned to be gradually sold, with potential buyers such as the French luxury conglomerate LVMH, the cosmetics giant L'Oréal, or the eyewear manufacturer EssilorLuxottica. Alternatively, an Initial Public Offering (IPO) is also possible according to Armani's will.
The operational leadership and continuity are expected to involve Armani's close family members—his nieces Roberta and Silvana, his sister Rosanna and her son Andrea Camerana—as well as longtime associates like Leo Dell’Orco and Pantaleo Dell'Orco. This organic, stepwise transition aims to ensure a smooth succession without any abrupt changes.
Armani's luxury real estate portfolio includes a mansion in Milan, properties in Paris, Saint Tropez, and Saint Moritz, and a yacht named Main, valued at 60 million euros.
In his book 'Per Amore', published in 2022, Armani expressed a desire for his company to continue after his death. The future direction of the Armani brand is currently a topic of intense speculation in the Italian media.
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