One year after the death of Giorgio Armani, the Italian fashion house he established in 1975 faces a period of significant transition regarding its future ownership. Having governed the business for five decades, Armani specified in his will that his heirs must sell a 15% initial stake in the company within 18 months of his passing. Should a private sale not occur, an initial public offering is required. Reports indicate the group is preparing for potential discussions with major entities—specifically LVMH, L’Oréal, and EssilorLuxottica—regarding the sale of a minority share. In his will, Armani, who ruled over the business for 50 years, instructed his heirs to sell an initial 15% stake of the company within 18 months of his death. An IPO is mandated to take place, if a private sale does not materialise. According to now there are, The group is readying itself for formal talks with the French conglomerate LVMH, the beauty giant L’Oréal and the eyewear group EssilorLuxottica – three of Armani’s preferred acquirers – over the possible sale of a minority stake. Pressure is mounting for the company to prove to potential buyers the continued allure of Armani, against this backdrop. However, there are hints greater change may be afoot at the company.
The company is under pressure to demonstrate its enduring appeal to these potential investors during a volatile period for the luxury market. Financial data shows that in 2025, company revenue declined for the second consecutive year, dipping 2.8% to reach €2.19bn. Observers are closely watching to see if the brand can maintain its status as a fashion powerhouse without its founder leading the firm.
In response to this upheaval, Silvana Armani, the late designer’s niece and the current creative director of womenswear, has opted for a strategy of continuity rather than radical transformation. Her latest presentation, which concluded Milan Fashion Week, emphasized the legacy of her uncle through relaxed tailoring. By removing traditional heavy shoulder padding and stiff linings, she maintained the label’s signature ease, complemented by thin silk shirts and cashmere jackets. Regarding her design philosophy, Silvana noted, “My woman inevitably ends up looking a bit like me.”
While maintaining the core aesthetic, Silvana has introduced subtle updates, including the addition of extra pockets to dresses and the use of cotton—a material her uncle famously disliked. She also removed his signature hats. Her collection featured specific homages, such as a black double-breasted suit styled with white gloves, inspired by an archival image of her uncle at his communion, and a bomber jacket printed with his portrait.
Armani’s historical strength has been its deep connection to Hollywood, having dressed icons from Diane Keaton in 1978 to Julia Roberts in 1990. The brand continues to attract younger A-list talent, such as Zendaya, who recently wore a 1990s-era archival webbed dress. Recent runway looks featuring liquid gowns and shimmering tassels reinforced the brand’s enduring relevance for red-carpet events. From Diane Keaton in a greige menswear jacket at the 1978 Oscars to Julia Roberts in an oversized suit at the 1990 Golden Globes, Armani spearheaded the fusion of fashion and Hollywood. A series of liquid black slinky gowns and shimmering champagne tasselled looks showed the sustained capability the brand has when it comes to creating red-carpet drama.
Significant changes are emerging elsewhere, however, with the appointment of Dario Vitale as the creative director of Emporio Armani. As the first external designer to lead an Armani line, Vitale is charged with revitalizing the diffusion collection—which provides nearly one-third of the group’s revenue—for a younger audience. Previously at Miu Miu and Versace, Vitale is widely expected to eventually oversee creative direction for the Giorgio Armani line, a move seen as a potential draw for prospective buyers. The Italian designer has been tasked with revitalising the diffusion line launched by Armani in 1981.
The Milan fashion scene also saw Bottega Veneta present its latest collection on Saturday, where designer Louise Trotter reimagined the house’s classic 1966 Intrecciato leather weaving technique. Her designs ranged from trench coats to large bags, further accented by crochet and handmade lace. The event drew high-profile attention, with model Kendall Jenner appearing on the runway while her partner, actor and brand ambassador Jacob Elordi, watched from the front row alongside notable figures such as Julianne Moore, Lauren Hutton, and Tyler, the Creator.
