The Giorgio Armani Foundation, the core of the late designer’s succession plan, has appointed Pantaleo Dell’Orco as its new chairman, according to documents reviewed by Reuters on Tuesday. The move marks a pivotal moment for the iconic Italian fashion house, following the death of its founder Giorgio Armani on September 4, 2025, at the age of 91.
Dell’Orco, Armani’s longtime partner and closest confidant, inherits the largest portion of the company and a significant share of voting rights. His leadership positions him as the central figure in guiding the next phase of Armani’s legacy, a period that may include a major sale or public listing of the company.
The Giorgio Armani Foundation, established in 2016, was created by the designer himself to ensure the long-term protection of his creative and business heritage. The Foundation currently holds 30% of the company’s voting rights, while Dell’Orco personally controls an additional 40%, giving him substantial influence in the luxury group’s direction.
Alongside Dell’Orco, the Foundation’s new board will include Andrea Camerana, Armani’s nephew, who holds 15% of the voting rights, and three independent members, Irving Bellotti, a Rothschild banker; Andrea Silvestri, a lawyer from Legance; and Elena Terrenghi, a Milan-based notary.
This blend of family involvement and external oversight ensures balanced decision-making in future governance, in line with Armani’s wishes.
Armani’s will has provided a clear yet ambitious roadmap for the brand’s future. Within 18 months of his passing, the heirs are instructed to sell 15% of the company’s shares, with priority given to major global players such as LVMH, L’Oréal, or EssilorLuxottica, or another equally respected buyer approved by the Foundation and Dell’Orco.
Over the following three to five years, an additional 30% to 54.9% stake is expected to be transferred to the same buyer, or alternatively, the group could pursue an initial public offering (IPO).
All major governance and ownership changes will require unanimous approval from the five-member board, reflecting Armani’s desire for consensus and protection of his brand’s independence.
Known globally as “King Giorgio,” Armani transformed Italian elegance into a worldwide symbol of sophistication. His foundation was his way of ensuring that the brand continues to embody the timeless principles that defined his work, simplicity, authenticity, and refinement.
Under Dell’Orco’s leadership, the Foundation will also have the authority to propose the group’s next CEO, further solidifying its role as the cornerstone of Armani’s long-term governance model.
Despite a 5% drop in sales last year to €2.3 billion, mainly due to a slowdown in luxury spending in Asia, Armani remains one of the world’s most respected fashion houses. Europe remains its strongest market, accounting for 49% of sales, followed by the Americas (22%) and Asia-Pacific (19%).
As the brand enters this new era, Pantaleo Dell’Orco’s appointment signals stability, continuity, and respect for Armani’s legacy. The next few years will be crucial in determining how one of fashion’s most iconic houses evolves, balancing its independent spirit with the realities of global luxury consolidation.
