Some five months ago I joined the procession of fashion-week goers dressed in all-black tuxedos to attend the final show designed by Giorgio Armani, held in the courtyard of Milan’s Pinacoteca di Brera. For a brief moment the industry paused to celebrate the life of the Italian maestro, as he was often referred to among his peers, forever admired for the clarity of his vision and, equally, for his unheard-of ability to operate independently during a time of consolidation and conglomerate takeovers.
As is always the case with fashion – forever on the hunt for what’s next – the narrative has quickly moved on to succession. Ever controlling, Mr Armani left precise instructions to his heirs for his company’s future: sell a 15 per cent stake within 18 months followed by an additional 30 to 54.9 per cent in the next five years (to the same initial buyer) or file for an initial public offering (IPO). Armani’s preferred buyers included LVMH (which already tried and failed to buy the Italian company during the founder’s life), eyewear giant EssilorLuxottica and L’Oréal, which is best known for its dominance of the beauty market but has also made investments in younger fashion labels such as Jacquemus.
During the most recent edition of Milan Fashion Week, conversations swirled around the topic of succession – everyone wants to know how much closer the company is to an actual deal, since the terms of the will (which surprised all those unfamiliar with Armani’s ways) were announced. The reality is that aside from fruitless speculation, there is no news of the company nearing a deal. The war in the Middle East, inevitable slowdown in the ever-important Gulf Co-operation Council (GCC) market and overall global uncertainty will no doubt pose a new set of challenges for any potential bidder.
At the same time the company’s wheels keep spinning and there’s no denying the Armani brand’s prominence across the fashion market. During Milan Fashion Week alone, the company introduced a collaboration with fellow Italian label Alanui, welcomed New York restaurant Indochine for a pop-up at its Via dei Giardini restaurant, celebrated the Emporio Armani Power of You fragrance and presented two new collections. The new looks for its Giorgio Armani label, appropriately titled New Horizons, was Silvana Armani’s (the founder’s niece) first collection as creative director. She introduced subtle shifts in the form of more casual flannel suiting and daywear, emphasising her focus on women’s daily realities.
The result offered a sense of continuity and reassurance – but it’s only a matter of time before both customers and potential bidders expect to see more substantial change. Ultimately, the direction the brand takes lies with Silvana Armani, the founder’s long-time partner and collaborator, Leo Dell’Orco, and his nephew Andrea Camerana. But as much as they interrogate who the winning buyer should be, they should also consider who should be handed the brand’s creative reins to help execute a necessary refresh. The right person would renew the relevance of the Armani brand while respecting the aesthetic codes of its founder – and helping to safeguard the company’s future. “Armani needs to modernise and clean up its wholesale and sub-brands,” Luca Solca, managing director and global head of luxury goods, tells Monocle. “Labels need to stay current and [Armani] would benefit from a refresh.”
Further reading?
– Our 10 favourite shows from Milan Fashion Week autumn/winter 2026
– Giorgio Armani’s farewell show at Milan Fashion Week
– In a city of perfect suits, Milan Fashion Week Men’s is on a quest for endurance
