Armani's Legacy Continues Amidst Will Reading and Fashion Week Spectacle

The Armani Group has officially confirmed the forthcoming Emporio Armani and Giorgio Armani fashion shows, set to unveil the designer's latest collections. These highly anticipated events are scheduled to take run as planned. Additionally, the public opening of a dedicated exhibition at the Pinacoteca di Brera, a project Giorgio Armani himself meticulously oversaw until his passing, will proceed on its originally scheduled date of Wednesday, September 24. The group emphasized that the seamless continuation of these significant events reflects the company's unwavering commitment to dedication, respect, and attention to work – qualities that have always defined Mr. Armani and which he instilled in all his collaborators over the years.

Meanwhile, intense anticipation surrounds the impending reading of Giorgio Armani’s will. While the precise timing remains undefined, current information suggests the will could be read any day between now and next Wednesday. Milanese notary Elena Terrenghi is managing the procedure and is tasked with initiating the succession process. To commence this, a summarized abstract of the death certificate is required. While this document typically takes up to 15 days to issue, it is anticipated that the timeframe may be expedited given the high-profile nature and significant public interest surrounding the case.

Giorgio Armani, who passed away on September 4 at the age of 91, left no children or spouse. This allowed him, under Italian law, to independently dispose of his extensive estate, as there were no "necessary" legitimate heirs. During his lifetime, the visionary designer had already meticulously prepared and secured the bylaws for the group, structuring it into six distinct categories of shares and strategically entrusting a central governing role to the Armani Foundation.

The individuals expected to be present for the reading of the will, barring any unforeseen changes, include his sister Rosanna Armani; his nieces Silvana and Roberta Armani, who are the daughters of his late brother Sergio; and Andrea Camerana, Rosanna’s son. Also named is Leo Dell’Orco, Armani’s long-time life partner and trusted right-hand man. All five of these key individuals currently hold positions on the Group's board of directors, with Dell’Orco specifically designated as the coordinator of a select committee responsible for steering the company until the new corporate structure is fully implemented. Camerana and the Armani cousins represent the family’s presence on the board, working alongside other prominent managers such as Yoox founder Federico Marchetti and Rothschild banker Irving Bellotti.

The updated bylaws, last revised in 2023, outline a sophisticated share structure divided into six categories. Each category carries differentiated voting and governance rights, though all maintain equal economic rights. Notably, Category A shares (comprising 30% of the capital) and Category F shares (10% of the capital) are designed to hold decisive weight. Category A shares are valued at 1.33 votes each, while Category F shares command a significant 3 votes each. This strategic distribution ensures that shareholders holding Categories A and F, despite collectively owning only 40% of the capital, will control over 53% of the votes in the assembly, enabling them to appoint a majority of the board of directors, including both the chairman and CEO.

It is widely anticipated that the Armani Foundation will be the primary recipient of the powerful A and F shares, thereby centralizing strategic control of the entire group within the foundation. Other categories of shares, from B to E, which collectively represent the majority of the capital but not the singular decision-making power, are expected to be allocated to heirs and trusted associates. Beyond the corporate shares, the will is also expected to address the allocation of Armani’s substantial personal estate, estimated at approximately €10 billion. This includes highly valuable real estate assets such as a penthouse in New York, the historic villa in Forte dei Marmi, and the Capannina, which the group acquired in late August, just days before the designer’s passing.

The Capannina holds particular significance, having been one of the places dearest to Armani, where he met the love of his life, Sergio Galeotti, who tragically passed away prematurely at the age of 40 in 1985. As the fashion world looks ahead, the confirmed Emporio Armani and Giorgio Armani fashion shows during fashion week, alongside the exhibition chronicling the maison's 50-year history at the Pinacoteca di Brera, stand as a testament to the enduring legacy and continued vibrancy of the brand.