Attwood Marshall Lawyers Wills and Estates Lawyer Chloe Wilson discusses the late Giorgio Armani’s detailed Will and succession plan, and the lessons it provides for anyone with business interests or complex assets.
Visionary fashion designer Giorgio Armani passed away on September 4, 2025, at the age of 91, leaving behind a carefully orchestrated succession plan that has been picked up by the media and left tongues in the luxury fashion industry wagging.
The Will outlines a two-stage disposal process – instructing his heirs to sell 15 per cent of the Italian fashion house within 18 months, then transfer a further 30 per cent to 54.9 per cent stake to the same buyer between three and five years after his death.
This doesn’t seem to be a case of micromanagement or “ruling from beyond the grave.” It’s more about providing adequate directions and strategic guidance to the executors of a valuable estate. According to Forbes, “Armani left no detail to chance in his Will.”
The Will says the heirs must prioritise major luxury conglomerates LVMH, L’Oreal, EssilorLuxottica or other groups of “equal standing,” particularly those that maintain an existing commercial partnership with the Armani company.
If a suitable buyer cannot be found within the specified timeframes, the Will authorises the pursuit of a public market listing as a fallback option.
Armani had no children and reportedly spent years crafting his succession plan, creating a structure involving his siblings, nieces and nephews, long-term collaborator Pantaleón Dell’Orco (who worked alongside him for over four decades), and a foundation established in 2016.
Time will tell whether his instructions will be contested or challenged. Indeed, some sources have told ABC that his wish to sell marks a notable departure from his steadfast opposition to relinquishing control or going public while he was alive.
But if the Will proves as meticulously crafted as media reports suggest, and the planned transition succeeds, the saga will show just how important careful, professional planning is well before it’s needed.
Lessons for estate planning with business interests
While most of us won’t leave behind billion-dollar fashion empires, Armani’s approach offers several key lessons for anyone with business interests and anyone who wants to ensure a seamless transition for their asset or company’s continuity.
- Record your wishes with specificity: Armani didn’t just say “sell the company.” He provided detailed guidance on timing, preferred buyers, and alternative strategies. If your estate includes shares in a family business, investment properties, or other complex assets, your Will should include clear directions about your preferred approach to disposal or management.
- Plan for multiple scenarios: The inclusion of both sale options and IPO alternatives shows the value of contingency planning. Your Will should address what happens if your preferred approach isn’t feasible at the time of your death.
- Consider industry-specific factors: Your succession plan should reflect the unique characteristics of your industry – whether you own a medical practice, manufacturing business, or technology company.
- Appoint knowledgeable executors: Just as Armani’s involved Dell’Orco, who had four decades of experience with the company, consider appointing executors who understand your business and industry, even if this means choosing professional advisors over family members.
Some might argue that Armani’s detailed instructions limit his executors’ flexibility. However, the alternative – ambiguous directions that lead to disputes and delays – typically costs far more in both time and money.
The benefits of clear instructions can significantly reduce the time and cost of estate administration by providing executors with a clear mandate and reducing the need for lengthy deliberations or court applications for guidance.
Personal touches that matter
Good estate planning principles apply regardless of the size of the estate.
Provisions don’t need to just relate to businesses or corporate assets; they can also be personal, designed to show thoughtfulness or provide comfort to a grieving family member.
For example, some people write letters or leave video messages with directions to be opened at specific life milestones (weddings, graduations, birthdays, etc.) or during difficult times.
You may provide specific guidance about your funeral arrangements, setting out your preferred music, flowers, burial clothes and memorial service structure. Such instructions can remove the difficulty of decision-making from family members while making sure your personality is reflected in your final farewell.
Another option is to be purposeful about dividing assets up, and instead of doing it equally, set out which items would be most meaningful to each family member, alongside an explanation of your hope for how they will be used.
Some people may be tempted to go further and leave “conditional bequests” in their Wills, stating that a beneficiary must meet certain conditions before inheriting their gift in a deceased estate – such as getting a particular job, converting to a religion, or getting married.
While conditions in Wills can be acceptable in certain circumstances, they may lead to contested disputes and create challenges for executors and the intended beneficiary. Read more about conditional bequests and their limitations here.
The importance of professional estate planning
Armani reportedly held a meeting back in 2016 to outline what would happen following his death and to dictate the principles that would define the future of his company.
This level of planning requires more than a basic Will. It can often involve detailed memorandum of wishes to provide valuation guidance to executors or loved ones, binding death benefit nominations for superannuation, testamentary trust arrangements, and careful consideration of how assets are owned and structured during the testator’s lifetime.
Experienced estate planning lawyers can help identify the specific challenges your estate might face and develop strategies to address them. They can also assist with preparing detailed guidance documents that complement your Will, providing your executors with the specific direction they need to carry out your wishes effectively.
A quality Will combines practical asset distribution with personal meaning and clear guidance.
Whether your estate involves a family business, investment properties, or simply the desire to ensure your assets pass to the right people at the right time, the principle remains the same: clear, strategic and detailed planning now can help prevent disputes and difficulties in the future.
Attwood Marshall Lawyers – experts in estate planning for complex situations
At Attwood Marshall Lawyers, our experienced Wills and Estates team works closely with our clients to develop comprehensive estate plans that provide clear guidance to their loved ones.
From simple Wills to complex testamentary trusts and business succession planning, we have the expertise to help you navigate your estate planning scenarios.
To book an appointment and discuss your estate planning needs, please get in touch with our Wills and Estates Department Manager, Donna Tolley, on direct line 07 5506 8241, email dtolley@attwoodmarshall.com.au or free call 1800 621 071.
You can visit our experienced team at any of our conveniently located offices at Robina Town Centre, Coolangatta, Kingscliff, Brisbane, Sydney or Melbourne, or arrange a phone or video consultation.
