Late Italian fashion designer Giorgio Armani has charted an extensive succession plan for the future of his fashion empire in his will. This very important document has been made public on the Internet by the Italian daily La Repubblica. This new plan for handling his estate is fully laid out in the document. His interests lie in making sure his core ideals are maintained, but drawing a clearer line of ownership for his successors and business partners.
In a decisive move, Armani’s foundation will retain a minimum of 30% of the company’s shares. This percentage guarantees that the foundation acts as “a permanent guarantor of compliance with the founding principles,” according to the executive committee overseeing his affairs. Armani is deeply committed to other aspects of his brand’s originality. He describes it as indispensable, contemporary, chic and minimalistic, with a sense of rigour and emphasis on meticulousness and wearability.
Without question, one of the most urgent priorities set out in the will is the appointment of a permanent chief executive officer. This role is critical for steering the company toward future growth and innovation while honoring the legacy of its founder.
Armani’s will further specifies ownership shares between his immediate family members and artistic partners. Roberta Armani, Rosanna Armani and Silvana Armani are all related. Each of them will be given a 15% non-voting stake in the company. Silvana Armani currently leads the women’s wear division, while Roberta and Rosanna’s specific roles have not been detailed in the will.
In a significant gesture of trust, Giorgio Armani has allocated control of 40% of his business to Leo Dell’Orco, a longtime collaborator who has been instrumental as the head of menswear. This surprising decision highlights the premium Armani put on continuity of leadership and institutional knowledge in his organization.
Like Giorgio Armani, he anticipates the eventual buyer of as much as tripled their holdings over three to five years. They have to gradually increase their equity from the initial investment to 30%, and then to 54.9%. This requirement is intended to maintain thoughtful, stable expansion and brand quality. He further provided detailing around a public offering of their shares. This type of offering is possible in a market like Italy.
The original Giorgio Armani directives’ clarity and precision suggest that though they might be unexpected, they nonetheless indicate a thoroughly considered plan for succession. By creating these standards, he seeks to create a culture. This approach allows family and family-similar trusted associates to help shape the brand’s future while upholding and protecting its original values.
