September 4, 2025; September 4, 2026. A year has already passed since the death of Giorgio Armani (in photo). The anniversary carries more than the symbolic weight such dates always have. It also marks another step in the execution of the plan the designer laid out in his will for the group he founded. Under that timetable, the first 15% of the capital was due to be transferred within 18 months to one of the three partners identified by Armani: LVMH, L’Oréal, or EssilorLuxottica. Given the economic climate and diverging interests, however, the process is taking longer than expected and, according to reports, an extension to the spring 2027 deadline will most likely be needed.
The economic climate
More news may emerge after September 8, when, as MFF notes, the Board of Directors is scheduled to meet to approve the results for the first half of 2026. Expectations are cautious. The Armani group is coming off a 2025 in which direct revenue fell to €2.19 billion (-1.5%), while EBITDA rose by 3.2%. In the January–June period of this year, turnover is expected to keep declining, while the benefits of cost reductions should continue to show through. The scale of revenue (which doubles once licensed business is included) will shape not only the group’s strategy for navigating a difficult luxury market, but also its valuation. Speaking again to MFF, Luca Solca of Bernstein places it in the €5 billion to €10 billion range, not far from, but slightly below, the initial €6 billion to €12 billion estimates.
A year has already passed
CEO Giuseppe Marsocci is in talks with potential investors, with each candidate’s position shaped by its own strategic interests: haute couture for LVMH, beauty for L’Oréal, and eyewear for EssilorLuxottica. But the decisions ahead also concern the group’s creative direction, currently entrusted to two long-standing collaborators of the founder, Leo Dell’Orco for menswear and Silvana Armani for womenswear. Among the options that have circulated, MFF notes, is the possibility of expanding the teams with strong creative figures capable of preserving the brand’s identity while also evolving the lines. Any names? “Hedi Slimane for the flagship line and Dario Vitale for Emporio Armani”. We’ll see. For the Armani group after Giorgio Armani, more time is needed.
Photo from Emporio Armani’s social media
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