When Giorgio Armani passed away on September 4th at the age of 91, Milan Fashion Week fell unusually quiet. Days later, his house unveiled Pantelleria, his final collection and a calm goodbye to a career defined by understated brilliance.
Named after Armani’s beloved island retreat, the collection drew on the tranquil spirit of his getaway. Silhouettes in muted sand and sea tones mirrored Pantelleria’s landscapes and filled Milan’s Pinacoteca di Brera with a sense of serenity. It was more than a show, it was the end of an era – one that raised inevitable questions about who will carry his legacy forward.
Roots & Philosophy
After completing his military service, the young Armani decided to abandon studying medicine to pursue a different path. The choice towards the world of fashion shocked his family. He began working at La Rinascente in Milan, where he met his life and business partner Sergio Galeotti.
The two officially founded Giorgio Armani S.p.A. in 1975. Yet Armani’s true consecration came five years later, when he designed Richard Gere’s wardrobe for American Gigolo (1980). The film made his deconstructed suits a symbol of elegance worldwide.
Inspired by the Neapolitan sartorial tradition, which was a sharp contrast to the rigid structures of the 1980s, the designer introduced unstructured jackets and fluid pants to the global stage, creating an urban and sophisticated look. “I created all my work around the jacket. It was my point of departure for everything”, he said.
For women, he introduced androgynous suits that reflected the professionalism of the modern working woman. Long before “quiet luxury” became a buzzword, Armani had already defined it through his neutral shades, clean lines, and pursuit of perfection.
Armani’s Will & Ownership
The designer’s will was published a week after his passing, and it reflected the stability and independence Armani has been fighting for during his entire career. A new executive committee, led by Leo Dell’Orco, his long-time partner, and Armani family members, will soon choose the second CEO to ever run the company.
Sale of the shares
The company is solely owned by Fondazione Armani but it holds just 30% of voting rights. The rest are distributed among Dell’Orco and family members. Dell’Orco specifically will control 40%.
Surprisingly, the will also mandates a 15% stake be sold to a leading luxury group, with preference given to LVMH, L’Oréal, EssilorLuxottica, or another fashion or luxury company of equal standing within 18 months of Armani’s passing. If the sale does not go through to one of the three priority will go to other luxury companies that have partnered with Armani. This surprise clause ensures financial backing while preserving majority independence, a balance which mirrors how fiercely Armani fought for the brand’s independence in life.
Likely Buyers
LVMH has long been rumoured to have its eye on Armani; acquiring the brand would be a major win for the conglomerate. But they will still have to consider the hefty investments required to reposition the house after years of slowed growth.
An acquisition by a major group could open new opportunities for Armani, particularly in expanding its leather goods business. But every opportunity comes at a cost: the brand would likely need to streamline its portfolio by cutting some sub-brands to reinforce its luxury positioning, and in doing so, risk job losses and the sever long-standing supplier relationships.
Creative Legacy & Heirs
Armani appointed his nephew Silvana Armani and Dell’Orco as his creative heirs for womenswear and menswear, respectively. Both Armani and Dell’Orco have worked beside him for decades, so the collections will likely hew closely to Armani’s vision.
The real test is whether the brand can evolve post-Giorgio without betraying his essence. We are confident that the two creatives are in the best position to keep this intensity, avoiding the mistake of empty over-glorification.
Business and Brand Strategy
Diversification
In 2017, Armani began a reorganisation that expanded Italian elegance to a global scale by expanding his vision into a lifestyle brand. Beyond clothing, Armani associated itself to home design, restaurants, open spaces for exhibitions, and luxury hospitality in cities like Dubai and Milan. One notable example would be La Capannina in Forte dei Marmi.
Venturing into hospitality makes sense for a luxury empire, yet stretching a brand too thin might weaken its exclusivity. Nourishing the exclusivity of the high fashion lines Giorgio Armani and Armani Prive’s haute couture remains fundamental. Additionally, the distinction between the higher and lower lines must be kept clear by ad–hoc communication and marketing campaigns.
Financial Performance
Financially, 2024 was not kind to the house. EBITDA fell 24% to €398 million as sales slipped, and renovation costs doubled €332 million compared to last year. These investments included the renovation of flagship buildings in New York, Paris, and Milan, as well as the internalisation of e-commerce operations.
Net revenues were down 5% to 2.3 billion euros and net cash stood at 570 million euros. The company continues to rely heavily on the European market (49% of sales), followed by the Americas (22%) and the Asia-Pacific region (19%), which reflects a slowdown in China. The next challenge lies in expanding across Asia-Pacific and the Americas while staying true to Armani’s pursuit of consistency.
Transparency
Beyond shaping suits, Giorgio Armani shaped the Italian fashion as we know it today. Thanks to Re Giorgio, Krizia, the Missonis, and Walter Albini, he positioned Italian designers as rival to French haute couture. He transformed “Made in Italy” synonymous with excellence, craftsmanship, and discretion.
Lately, however, this prestige has been seriously tested by evidence of abuses of workers’ rights by well–known names like Armani, Dior, Valentino and Loro Piana. Younger consumers are no longer impressed by vague sustainability claims.
In August 2025, Italy’s Antitrust fined Giorgio Armani Spa 3.5 million euros due to deceptive commercial practice. According to the authority, “the companies made untrue ethical and social responsibility statements and presented in an unclear, specific, accurate and unequivocal way”. Armani was supposedly aware of substandard working conditions in some leather-goods factories.
An internal 2024 report admitted that, even in the best factories inspected, conditions were barely acceptable. Sustainability has clearly appeared more as a marketing tool for the brand than as a consistently applied practice.
Today, luxury consumers expect a 360–degree brand experience that extends far beyond retail stores. They pursue ethics and genuine traceability, pressures that will hopefully push the brand toward measurable transparency moving forward.
This Milan Fashion Week, the house bid farewell to its founder and closed a chapter defined by unapologetic elegance. For nearly five decades, Re Giorgio shaped an aesthetic that transcended trends, making creative independence a statement of its own.
“The mark I hope to leave”, the designer once said, “is made of commitment, respect and attention for people and to reality”. Whether those words guide the house or fade into nostalgia will decide not just Armani’s future, but what “Italian fashion” means after him. For now, Milan remains his runway.
Written by Camilla Stasia Padula
Edited by Mae Lucie Panzani
Sources
• ilSole24ORE (1st August 2025): Armani Multata dall’antitrust.
• Andrea Batilla, Fashion is a Serious Matter (19/09/25): “story of Giorgio Armani”.
• Business of Fashion, “Armani: What’s Next for the Sleeping Beauty Mega–Brand?”, “Giorgio Armani’s Will Tells Heirs to Sell the Brand or Seek IPO”, “The Great Fashion Reset | How to Fix Luxury’s Trust Issues”, “Armani’s will, explained”
• Vogue, “Anna Wintour Remembers Giorgio Armani”
• Vogue Italia, “Questa sfilata Giorgio Armani, l’ultima disegnata dal Re, è più di una sfilata. È un arrivederci a tutti noi”
• Photos: The Wall Street Journal, Vogue, Statista, Il Messaggero.
