Following Giorgio Armani's death on September 4, 2025, his will directs heirs to sell an initial 15% stake in the fashion empire within 18 months, followed by an additional 30% to 54.9% within five years. Priority buyers include LVMH, L'Oréal, and EssilorLuxottica, or alternatively an IPO. The Armani Foundation and longtime partner Pantaleo Dell’Orco hold majority voting control, ensuring legacy preservation.