Italian fashion icon Giorgio Armani, who passed away on September 4, 2025, at the age of 91, left behind not only a monumental legacy in the world of style but also a vast fortune estimated between €11 and €13 billion. What has stirred intrigue across Italy and the global fashion industry is the revelation that Armani prepared two handwritten wills, both sealed in envelopes, that outline the division of his wealth and the destiny of his company, Giorgio Armani SpA.
According to Italian media, these wills dated March 15 and April 5, 2025 were officially opened on September 9 by notary Elena Terrenghi. Their contents will shape the distribution of Armani’s personal fortune and safeguard the future of the luxury brand he built from scratch in Piacenza more than 50 years ago.
The Immense Fortune of a Fashion Legend
Armani’s wealth is not confined to cash or company shares. His empire includes an extensive portfolio of luxury real estate and exclusive assets:
- Prestigious villas in Antigua, Saint-Tropez, Pantelleria, St. Moritz, New York, and Paris
- A historical residence in Forte dei Marmi
- Ownership of La Capannina, a legendary nightclub in Forte dei Marmi
- Luxury yachts and a collection of fine art
But the crown jewel of his estate remains his 99.9% stake in Giorgio Armani SpA, with the remaining 0.1% held by the Armani Foundation. Beyond fashion, Armani also held shares in international companies such as EssilorLuxottica, the eyewear giant, and The Italian Sea Group, known for luxury shipbuilding.
Who Inherits Armani’s Wealth?
Unlike many other billionaires, Armani never married and had no children. This gave him unique freedom to decide the fate of his fortune without the constraints of Italy’s inheritance laws that typically protect direct heirs.
His closest relatives include:
- Rosanna Armani, his sister
- Andrea Camerana, his nephew (Rosanna’s son)
- Silvana and Roberta Armani, his nieces and daughters of his late brother Sergio
One of the most trusted figures in Armani’s life and career was Leo Dell’Orco, his right-hand man and a key executive within the company. Dell’Orco is expected to play an influential role in the group’s future.
Safeguarding the Brand’s Independence
Armani was deeply committed to ensuring his company remained independent after his passing. In his will, he explicitly emphasized that:
- The company’s headquarters must stay in Italy
- The brand identity, style, and vision must be preserved
- Giorgio Armani SpA should remain private and not go public for at least five years
To guarantee stability, Armani updated the company’s bylaws in 2023, introducing six classes of shares with different voting rights. Reports suggest that the most powerful shares (categories A and F) are allocated to the Armani Foundation, ensuring long-term unity and preventing external takeovers.
The Role of the Armani Foundation
Founded more than a decade ago by Giorgio Armani alongside Leo Dell’Orco and Rothschild Italia banker Irving Bellotti, the Armani Foundation is poised to become the guardian of his empire. The institution could take over the general control of the brand, steering it in accordance with Armani’s vision of quality, sustainability, and Italian craftsmanship.
By entrusting authority to the foundation, Armani ensured that his company would avoid fragmentation and preserve its independence in an industry often dominated by corporate giants such as LVMH and Kering.
A Final Farewell in Milan
Italy is preparing a series of tributes for the designer. Armani’s name will be inscribed in the Famedio, Milan’s memorial hall honoring figures who shaped the city’s cultural and creative identity.
The Milan Fashion Week, scheduled for September 23–29, will be the first without his presence and will be dedicated entirely to his memory. Carlo Capasa, President of the Italian Chamber of Fashion, stated:
“We celebrate Milan Fashion Week in honor of one of its founders, Giorgio Armani. His creative, entrepreneurial, and human legacy is priceless, especially at a time when vision, quality, and sustainability are crucial for the fashion industry.”
Milan’s Mayor Giuseppe Sala echoed the sentiment, praising Armani as a visionary who embodied the elegance and excellence that made the city a global fashion capital.
An Enduring Influence
Giorgio Armani was not only a designer but a revolutionary who redefined modern fashion with his minimalist aesthetic and timeless elegance. His decision to meticulously plan the future of his brand through secret wills demonstrates his dedication to ensuring that “Made in Italy” luxury continues to thrive long after his passing.
While the full details of the two testaments remain confidential, one thing is clear: Giorgio Armani’s empire will live on protected, guided, and faithful to the principles of its founder.