Giorgio Armani's inheritance: how his €13 billion fortune will be divided and who will run the company
Giorgio Armani passed away at the age of 91 , leaving behind a legacy of style, a unique symbol of Made in Italy . Then there is the other legacy, the more earthly and tangible. The brutal figures that reveal the value of his fortune: it ranges between 11 and 13 billion euros , 11.5 billion according to Forbes . But the figures are irrelevant because the Armani group, with its 8,700 employees and 2.4 billion euros in revenue, is not listed on the stock market and therefore has no direct impact on the market. The founder was concerned from the outset about the future of Giorgio Armani SpA , founded fifty years ago, on July 24, 1975. And he outlined in its statutes the rules that would govern the empire and protect its style: of the products, of course, but also of the entrepreneurial spirit.
His life and business philosophy is summed up in two famous quotes: “Elegance does not consist in being noticed, but in being remembered” and “Fashion is what is suggested and what is often best avoided; style is what everyone has and must maintain throughout their life.” King George , born in Piacenza on July 11, 1934, has no direct heirs or legitimate shares to satisfy. He has three grandchildren and a sister. Silvana (69 years old) and Roberta (54) are the daughters of his brother Sergio, who died years ago, and of his sister Rosanna (86) and her son, Andrea Camerana (55). And here we find a cross between the Armani and Agnelli families . Andrea Camerana, married to Alessia Aquilani, a very successful dance singer in the 90s under the name Alexia (with hits like Summer Is Crazy , Uh la la la, etc.), shares with John Elkann the same great-great-grandfather Giovanni Agnelli , one of the founders of Fiat.
All of Armani's relatives are members of the board of directors, which also includes the CEO and friend Pantaleo Dell'Orco (72), as well as Federico Marchetti , founder of Yoox. A will exists and, soon, when it is opened, the answer to the question about the inheritance will be known: Who will receive the shares of Giorgio Armani SPA, i.e. the 99.9% of the founder? The Armani Foundation (owner of the remaining 0.1%) will undoubtedly play a central role, but, as we will see, six categories of shares are provided for in the post-Giorgio statute, confirming the existence of detailed planning.
The group's financial statement, according to the latest approved figures (2024), shows a turnover of €2.3 billion (-5% compared to 2023) , a pre-tax profit that fell to €74.5 million, but investments that doubled to €332 million. Europe generated 49% of turnover, while the Americas and Asia-Pacific regions each accounted for 21%, and the rest of the world 9%. Over the decades, the group has expanded its business to include accessories, perfumes, makeup, and sportswear, as well as interior design, real estate, restaurants, and hotels .
Armani also owns the Olimpia basketball club in Milan . In the four years since 2021, i.e., after the peak of the pandemic, nearly €600 million in profit has been generated, some of which has been paid out as dividends to shareholders. This is the most important source of income the heirs will have.
“One day,” Armani recounts in his autobiographical book Per Amore , published in 2022, “I too will have to relinquish control and conclude my career as a designer. It won’t happen immediately, but I’ve been thinking about it for some time, because I want the fruit of so much work—this company to which I have dedicated my entire life and energy—to endure for a long time, even without me. I have prepared the succession plan with my usual programmatic pragmatism and great discretion, but I will not reveal it now, because I am still here.”
In October 2023, the Corriere newspaper published the articles of association of the future Giorgio Armani SpA, which would govern the group , in a spirit of continuity, after the designer's death. It is therefore a highly significant document. Approved at an extraordinary meeting in 2016 and supplemented in September 2023 with the introduction of non-voting shares, the articles of association will be formally adopted—as recorded in the minutes of that meeting—"with effect from the date of the opening of the succession of Mr. Giorgio Armani." It is the corporate cornerstone upon which Armani's legacy is built.
6 types of shareholdersTherefore, since there are no mandatory shares to be paid, the entrepreneur, according to the will (which he has already drafted), can dispose of his entire assets as he sees fit. Let's analyze the bylaws in more detail. From A to F, there are six classes of shares, in addition to the two non-voting ones described below.
A shareholders will hold 30% of the capital, F shareholders 10%, and all others 15% each. However, each A share will entitle them to 1.33 votes, and each F share to 3 votes. Therefore, A+F, despite holding 40% of the capital, will have more than 53% of the votes at shareholder meetings. Furthermore, A shareholders have the right to appoint three directors, including the chairman, and F shareholders two directors, including the CEO, to an eight-member board. The Armani Foundation will most likely be placed in these two share categories. This is especially true because A and F directors have decisive powers on the board regarding strategic decisions (industrial plans, acquisitions/divestitures exceeding €100 million, branding, etc.).
An absolute majority of the board members present is sufficient to approve the financial statements and, five years after the entry into force of these Articles of Association, to list the company's shares on a regulated market. Mergers, spin-offs, amendments to the bylaws, and capital increases require 75% of the votes at an extraordinary meeting . Regarding salaries, at least 51% is required; otherwise, directors are not entitled to any remuneration. However, they may also receive remuneration in the form of profit sharing or stock options. Regarding the decisions of the directors of Stile Uomo and Stile Donna, the procedure covers all categories, but in practice, here too, A and F have decisive veto power .
An absolute majority of the board members present is sufficient to approve the financial statements and, five years after the entry into force of these Articles of Association, to list the company's shares on a regulated market. Mergers, spin-offs, amendments to the bylaws, and capital increases require 75% of the votes at an extraordinary meeting . Regarding salaries, at least 51% is required; otherwise, directors are not entitled to any remuneration. However, they may also receive remuneration in the form of profit sharing or stock options. Regarding the decisions of the directors of Stile Uomo and Stile Donna, the procedure covers all categories, but in practice, here too, A and F have decisive veto power .
Article 4 (" Object. Founding Principles "), more than any other, sets the tone. These principles were also partially introduced at the Foundation, but here, in an operating public limited company, they have the value of a bond of moral and industrial continuity . "Adequate level of investment," "balanced financial management," "reinvestment of profits"; "diversification and segmentation of the company's various brands, maintaining consistency in style, image, product, and communication"; "attention to innovation, excellence, quality, and product sophistication"; "cautious approach to acquisitions" and only "developing skills that do not exist internally (...)"; " priority to the continuous global development of the Armani name ." These are the mandatory guidelines of an unmistakable, even entrepreneurial, style that Giorgio Armani wished to convey.
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