The Armani Foundation will own 100% of the fashion house's shares of King George. This is what emerges from the will of the great designer, who passed away last September 4th at the age of 91. In fact, two wills, written in his own hand, placed in a sealed envelope and entrusted to notary Elena Terrenghi. The first is dated March 15, 2025, and the second, April 5, 2025.
100% of the fashion house goes to the Armani Foundation
In detail, the Foundation, which already had 0,1% of the company shares in its hands, will receive the full ownership right on 9,9% (equal to 30% of the voting rights) and the right to “"bare ownership" on the remaining 90% of the shares. The remaining voting rights, in fact, are divided between the stylist's partner Panteleo Dell'Orco and his grandchildren Silvana Armani and Andrea Camerana. Of the total company, therefore, Dell'Orco will have usufruct rights on 30% of the shares and 40% of the voting rights. Il 30% of the voting rights will belong to the Foundation, 15% each to the grandchildren Silvana Armani and Andrea Camerana. The will also grants non-voting shares to Roberta Armani and Rosanna Armani.
The sale of Giorgio Armani to LVMH, Luxottica, or L'Oréal
The will details the future of Giorgio Armani, the eponymous fashion house founded by the designer 50 years ago. According to the will, between 12 and 18 months, the Foundation will have to sell 15% of its capital of Armani Spa "as a priority to one of LVMH Group, EssiloLuxottica Group, L'Oréal Group" "or to other companies or corporate groups identified by the same with the agreement of Leo" Dell'Orco, the will states.
After this first tranche of sale and "starting from the third year and within the fifth year from the date of opening of the succession" a further share will have to be ceded equal to a minimum of 30% and a maximum of 54,9% of the capital. With this "second tranche," the buyer could thus achieve an absolute majority of the company.
Plan B: the stock market listing
In case the sale of the shares did not go through, Giorgio Armani had also thought about a “plan B”, that is, a listing on the stock exchange of the fashion group. This transaction could be completed within 5 or 8 years at most and would be completed upon request to the Dell'Orco foundation and one of his grandchildren, Andrea and Silvana, within 3 years of the opening of the will.
After the stock market launch, "an orderly plan for the valorisation of a part of the residual shareholding held by the Foundation in the company must be implemented, so that the the Foundation's participation must never be less than 30,1%".
Essilux's share: 40% to Dell'Orco, 60% to the family
Giorgio Armani held a share of approximately 2% of EssilorLuxottica, for a value exceeding 2 billion. Well, according to what was established by the designer, thel 40% of this share will go to the companion and right-hand man Pantaleo Dell'Orco, while the remainder 60% will go to family members. From these percentages must be subtracted Smaller shares of 100 were assigned to collaborator and friend Michele Morselli and 7.500 shares each to Daniele Ballestrazzi, Giuseppe Marsocci, Laura Tadini and Luca Pastorelli.
The founding principles of the Foundation
In his will, Giorgio Armani put down in black and white the founding principles who will have to guide the Foundation in the management of the group. Among these "the management of activities in a ethical, with moral integrity and fairness“; “the search for an essential, modern style, elegant and unostentatious”; “attention to innovation, excellence, quality and product refinement”.
The other provisions: villas, palaces and money
Giorgio Armani left full ownership, equal to a 75% share, the company The Real Estate Srl allto sister Rosanna and nephews Andrea Camerana and Silvana Armani, to whom he also assigned the remaining 25% share in bare ownership. The usufruct will instead go in favor of Leo Dell'Orco. The company owns properties in Saint Tropez, Antigua, Broni and Pantelleria.
Dell'Orco will also have the lifelong usufruct of the building on Via Borgonuovo, in Milan, where the designer lived. Armani has ordered that the furnishings and ornaments, with the exception of a Matisse painting and a photo of Rayman, "not be removed from where they are" and will remain as accessories to the property "for as long as Leo wishes to live there."
As regards the properties that are not owned by L'Immobiliare Srl, the designer left the bare ownership of the house in St. Moritz to his nephew Andrea Camerana and the usufruct to Pantaleo dell'Orco, to whom he also leaves a apartment in New York While the other will be given to his sister Rosanna and his nephews Silvana Armani and Andrea Camerana. In the American city, Dell'Orco will grant its use to Michele Morselli, the CEO of the real estate company and a friend of the recently deceased designer. Saint Tropez where “all my property” goes to Pantaleo, the latter “will grant the use of a house of his choice and of the swimming pool, for temporary stays with Francesca and Bianca”.
The designer also arranged the distribution of money, financial management, excluding policies and similar policies registered to specific beneficiaries. Specifically, 40% of the assets will go to Pantaleo Dell'Orco, while 15% each will go to his family (his sister Rosanna, his nieces Silvana and Roberta, and his nephew Andrea Camerana). The will also specifies that the nephew's daughters, Margherita and Maria Vittoria Camerana, will each receive €1,5 million, to be assigned to the Mamar Trust established by his sister Rosanna (the girls' grandmother, ed.) and then distributed to their great-granddaughters (the first born in 2011, the second in 2007) according to the trust's rules. Michele Morselli, a real estate manager and friend of the designer, will receive BTPs maturing in 2040 worth over €2 million, as well as other BTPs maturing in 2029 worth €30 million. Finally, a policy has been taken out for the manager's daughter, Bianca.
