Can Armani stay independent? Nothing is yet known about succession plans, but there are many doubts

Until last June, Giorgio Armani had never missed one of his own shows. Perhaps something many took for granted, but it proved that even at 91 years old, for King Giorgio being actively involved in every aspect of his brand and businesses remained one of his personal and professional priorities. His passing on September 4 left an irreparable void not only in the Milanese fashion calendar but across the entire fashion system, where for over fifty years he embodied a model of elegance and discipline that turned consistency into a hallmark and forged an idea of Made in Italy that made the Italian supply chain synonymous with quality and luxury. This year, the brand was celebrating its fiftieth anniversary, a milestone that should have opened a chapter of celebration, but instead marks the beginning of a new phase, full of uncertainty.

In one of his last interviews, given to the Financial Times, Armani said he was ready for a “as natural as possible transition”, with a gradual handover of responsibilities to those closest to him. Chief among them, he mentioned Leo Dell’Orco, his longtime right hand and life partner, along with family members and the internal team. Dell’Orco, 72, has led the menswear division of the maison for decades and serves as the group’s managing director, as well as being one of the three key names in the Armani Foundation.

Independence or stock market listing?

But beyond internal figures, doubts remain about the future of the company. As David Pambianco explained to Business of Fashion, daily operations will not face immediate disruption, but in the medium term, the issue will inevitably surface: «The family will have to decide whether they want the company to remain independent or consider joining a larger group». The comparison is unequal: Armani is an Italian giant, but still small compared to French powerhouses like LVMH and Kering, which over the past twenty years have absorbed much of Italy’s luxury industry.

The question, therefore, is the same that has loomed for years: can Giorgio Armani S.p.A. truly remain independent? Or will it, like Valentino or Versace, eventually go public or merge with an international conglomerate? Despite the uncertainty, Armani’s modus operandi still seems to resonate within the company, as highlighted by the official statement following the founder’s death: «independence of thought and action has always been his hallmark», a phrase that subtly suggests the will of the founder and his employees to remain independent, even after his passing.

Giorgio Armani’s estate

As Open Online points out, the company’s bylaws, updated in 2023, reveal the complexity of the transition: six classes of shares, weighted voting rights and a board of eight directors where family members (Silvana and Roberta, daughters of his brother Sergio, and his nephew Andrea Camerana) sit alongside longtime managers such as Dell’Orco and Federico Marchetti, founder of Yoox. On paper, this governance should ensure stability and continuity of corporate values, while also leaving the door open to more drastic options such as a stock market listing—an option the bylaws postpone for at least five years, until 2030.

The company, which closed 2024 with €2.3 billion in revenues and €600 million in liquidity, holds a portfolio that goes far beyond fashion: real estate, hotels, restaurants (including the Capannina di Forte dei Marmi, acquired just a few months ago), investments in EssilorLuxottica and Italian Sea Group. A diversified estate worth $12 billion that reflects Armani’s ability to read the times, but does not erase the uncertainties linked to the competitive scale of global luxury.

The future of Armani

Just before his ninetieth birthday, Armani for the first time opened up to the possibility of teaming up with an international player or considering the stock market. «Independence may remain a driving value, but I don’t want to rule anything out. The key to my success has been knowing how to adapt to changing times», he said in April 2024. A surprising stance for someone who had fiercely defended the brand’s autonomy for decades, but one that shows how today’s context makes it difficult to imagine a completely isolated future.

With Dolce & Gabbana and Armani now the last major independent Italian houses, the fate of the Milanese brand will depend not only on Armani’s legacy but also on the will of the family and management team, who must decide whether to continue resisting or yield to a new global order. For now, all that remains is to await the opening of the will, expected in the coming days to coincide with the funeral, which, as requested by the designer, will be held privately. The funeral chapel will be set up in Milan, at the Armani/Teatro in Via Bergognone 59, and will be open to the public on Saturday, 6 and Sunday, 7 September 2025, from 9 a.m. to 6 p.m. Today, Friday, September 5, Milan and Piacenza (the designer’s birthplace) have declared a day of mourning to commemorate King Giorgio.