20th November 2025 | Francesca Rossi | Private Wealth, Wills, Succession Planning

Giorgio Armani’s final wishes reveal how legacy and succession planning can protect a brand’s identity while preparing it for long-term growth.

When Giorgio Armani passed away at the age of 91 on 4 September 2025, he left more than a fashion legacy,  he left a business strategy baked into his will that provides remarkably clear insight into how even luxury-brands must think about succession, value, independence and long-term vision. Below are just some of the take-aways and lessons for business leaders and advisors, illustrated via his will and the context around it.

Maintain independence, but prepare for institutional evolution

From his career, Armani emphasised independence and control. Yet his will introduces a planned path toward external investment or listing. Specifically, his heirs are instructed to sell an initial 15% stake in the business within 18 months of his death, and then 30-54.9 % more within 3-5 years, or failing that, pursue an IPO.

Independence is valuable, but sustainable independence often means planning for institutional strength or exit options. A business that refuses all outside capital may struggle with scale, generational transition, or building international resilience. Armani’s plan shows that independence can be preserved, but with a built-in mechanism for transition.

Choose the right partners

Armani’s will does not just say “sell the business.” It names preferred buyers: LVMH,  L’Oréal, EssilorLuxottica, or “another group of equal standing.” This goes well beyond what is found on many wills or transition plans, which all say “don’t sell to just anyone.” This defines which kinds of buyers are acceptable, setting operational, cultural and strategic expectation and asking the fundamental question: who can preserve our values, leverage our brand, and maintain continuity?

Preserve the brand’s core identity with a Foundation

Armani established Fondazione Giorgio Armani in 2016 and in his will mandated it must retain at least 30% of the capital and act as a permanent guarantor of compliance with the founding principles.

A brand is more than an asset; it is a set of values, a cultural proposition, a legacy. The foundation model creates a safeguard, no matter how much equity is sold, part of the control stays with the culture-guardians. When orchestrating transitions, business owners should think of the value of guardianship, as well as ownership and how to keep the “why” of the business intact.

Uphold brand values while enabling growth and change

In his will, Armani emphasised that the business should be managed “ethically, with moral integrity and fairness” and continue a design ethos of “essential, modern, elegant and unostentatious style”. This is coupled with a bold capital strategy, but rather than being a contradiction, this shows that value and growth aren’t opposite but must be balanced.

Growth doesn’t have to mean abandonment of values. But when values are explicit, you increase the chance that growth pathways preserve real brand essence rather than dilute it.

Realistic expectations

The sale plan is phased, initial 15% in 18 months, next tranche in 3-5 years. It is gradual, not immediate. That gives time for transition, for integrating culture, for protecting value.

Many business exits or transitions aim for immediate liquidity and quick returns. But fashions change, brands evolve, markets fluctuate. Phased timelines allow stakeholders to adapt, preserve value, and avoid the “panic sell” trap.

Conclusion: A Legacy with Lessons

Giorgio Armani built an empire both stylistically and structurally. By inscribing into his will a thoughtful blend of continuity, capital strategy, brand guardianship, and legacy and succession planning, he created a textbook case of business insight.

In this way, Armani’s will is not just about one brand’s future — it can serve as a strategic template for any business thinking about longevity, legacy and growth.

If you would like to find out more, please contact Francesca Rossi or the Private Wealth Team.

Related insights