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On September 04, 2025, the fashion world lost one of its most influential icons, Giorgio Armani. He was 91. Born in a tiny village in Piacenza, Italy during World War II, Armani first studied medicine then served in the army before his pivot into fashion. New to the industry and to the city, Milan welcomed a young Armani with open arms. Armani mused that, “[Milan] may not have the sweeping avenues of Paris or the skyscrapers of New York, or the amazing sites of Rome. It is not even a shadow of what Shanghai or Beijing will become and yet no other city has driven my work or helped me be the best I can be.”[1]

Using seed money from the sale of their Volkswagen Beetle, Armani and his partner, architect Sergio Galeotti, launched Italian luxury fashion house Giorgio Armani S.p.A. in 1975. Today, Forbes estimates Mr. Armani – as everyone calls him – is worth $12.1 billion, mostly derived from his 99.9% stake in the fashion house. The remaining 0.1% is owned by the Giorgio Armani Foundation, established in 2016. Forbes also noted that Armani owns a 2% stake in an eyewear company, hundreds of millions of dollars in real estate and a $29 million yacht named “Main”.

Staunchly independent, Armani did not waver when other Italian luxury giants sold to French conglomerates Kering and LVMH. In a 2021 interview with Vogue, Armani stated that he planned to pass down much of the business to his family. And, in his last interview, published by Financial Times the weekend before his death, Mr. Armani reiterated, “[my] plans for succession consist of a gradual transition of the responsibilities that I have always handled to those closest to me.”

While parts of Armani’s succession plan are known to the public, who stands to inherit his 50-year legacy and billion-dollar company remains unknown. It is reported that Armani left a will and that his estate will be mostly left to his sister, nieces, and long-term collaborator, Pantaleo Dell’Orco.

If there is no valid will, then Italian succession laws will govern. Articles 565 to 586 of the Italian Civil Code provide the legal framework for distributing an estate when there is no will, ensuring that assets are passed in accordance with a prescribed “hierarchy of heirs”: (1) Spouse and Children receive the largest shares; (2) Ascendents (parents and grandparents) are considered if there are no children; and (3) Siblings and Other Relatives are considered in the absence of closer kin. If the deceased has no surviving relatives, then the Italian State will inherit the estate.

Also in question is the control and distribution of Armani’s intellectual property, which is purported to be corporate property and not personally owned by Mr. Armani. Giorgio Armani S.p.A. owns several U.S. trademarks for perfumes like Sí, and it is reported that the company also owns Mr. Armani’s clothing, designs, and images, meaning the assets will not be subject to a will.

Most interesting and controversial is what will become of Mr. Armani’s “cultural legacy” – to wit: ARMANI/Archivio, a conservation digest designed to gather and preserve Armani’s rich fashion heritage spanning from 1975 to present. The archive, unveiled at the Venice Film Festival in celebration of the brand’s fiftieth anniversary, recounts Giorgio Armani’s creative journey and invites us all to inherit Armani’s vision and eponymous fashion heritage.

[1] Molho, Renata (2007). Being Armani: A Biography. Milan: Baldini Castoldi Dalai., pp. 28-29.