Armani's Will Forces Sale of 15% Stake; LVMH, L'Oréal, EssilorLuxottica in Frame

Giorgio Armani's will requires the sale of a 15% stake in his fashion empire within 18 months of his death, and the designer gave preference to LVMH, L'Oréal and EssilorLuxottica as potential buyers. Armani died on Sept. 4, 2025, at the age of 91. The clock runs out in early March 2027.

Chief Executive Giuseppe Marsocci told reporters backstage at the brand's runway show in Milan on Sunday that there were no favorites among the three — and that the stake could potentially be split among all of them.

"It is not written in stone that there has to be one," he said.

Talks can begin only now

The will allows discussions to begin only after the first anniversary of Armani's death, which passed earlier this month. Marsocci declined to confirm whether negotiations had started. "The assumption" that talks were underway "may have some logic," he said.

A year after the designer's death, the two-track reality of the house was on full display in Milan. On the runway, Armani's signature elegance defined the latest collection, titled "Evolution," previewed on Sunday. Behind the scenes, the governance machinery set in motion by his will is starting to turn.

The stake sale would place three of Europe's largest luxury and beauty groups — LVMH, L'Oréal and EssilorLuxottica — inside the ownership structure of one of Italy's last independent fashion houses. A three-way split would give each a foothold while leaving control dispersed, an unusual structure in a sector that has consolidated sharply over the past decade.

Creative succession in motion

The sale talks unfold alongside a creative transition. The recent appointment of Dario Vitale as head of accessories at Giorgio Armani and creative director of Emporio Armani has generated interest in the fashion house's creative future. His runway debut has not yet been confirmed. Asked whether Vitale's role could expand, Marsocci said everything was evolving.

"From here into the future, you never know," he said.

The collection itself leaned deliberately toward accessibility. Silvana Armani, the late designer's niece and longtime head of womenswear, mixed daywear with evening looks, with sparkle running through both. Lean, fluid trousers and long dresses shaped the silhouette, often paired with rigid bodices. Silver and gold accents were applied generously, and for youthful dressers there were interpretations of hoodies worn with Bermuda shorts.

"It evolved in the sense that it is fashion that everyone can wear," Silvana Armani said.

She departed from her uncle's legacy in one important way: incorporating cotton, a textile she said he didn't like but which she "adores." The designer's presence was felt most concretely in two pieces — a recreation of the formal double-breasted Communion suit Armani wore when he was 8 years old, and a graphic jacket bearing his image.

Bottega Veneta lightens up

Across Milan, at Bottega Veneta, Louise Trotter presented her third collection, bringing the amplified proportions of her first two outings down to size. After extending the sculptural volumes of Matthieu Blazy's era, Trotter moved closer to the controlled ease associated with Tomas Maier — without surrendering the visual exuberance of contemporary Bottega.

She transferred some of the drama to oversized raffia intrecciato bags that resembled huge natural-fiber shields, some completely encircled by fringe. For the garments, she streamlined silhouettes using natural materials and the lightest leather she could find, aiming to evoke southern Europe's changing seasons through a sense of "disrobing" and "optimism, which I think we feel as we move to summer," she said.

One standout floral dress was constructed from long loops of uncut fringe, its printed image breaking apart and recomposing with every step like a flickering flip book. Intrecciato skirts featured feather inserts, a slip dress was covered in three-dimensional leather flowers, and peplum-hemmed knit tops were densely embroidered in multiple colors.

"I really wanted to express craft, which is our language, it's our logo, but I wanted to do it with the lightest of hand possible," Trotter said backstage after Saturday evening's show. Front-row guests included Julianne Moore and Travis Scott, while Kendall Jenner closed the show.

For Armani, the commercial question now outranks the aesthetic one: with the 18-month deadline set by the will, the shape of the house's ownership — one buyer or three — will define its independence for the decade ahead.