The passing of fashion icon Giorgio Armani has not only marked the end of an era in Italian luxury but also opened speculation that his company’s next chapter could include an initial public offering — a move that may set a precedent for other family-controlled fashion houses facing succession challenges.

According to a copy of Armani’s will reviewed by Reuters, heirs are instructed to sell a 15-percent stake in the company within 18 months, followed by an additional 30 to 54.9 percent between three and five years after his death. If no suitable buyer emerges, the will provides an alternative: pursue an initial public offering (IPO).

The will also prioritizes potential buyers, naming global luxury titans such as LVMH, L’Oréal, and EssilorLuxottica, while leaving the door open to other groups with existing commercial ties to the brand.

Armani, who remained the sole major shareholder until his final days, left behind no children to inherit the empire he built alongside Sergio Galeotti in the 1970s. Despite generating €2.3 billion (approximately P144.9 billion) in revenue in 2024, the fashion house has seen profits squeezed in recent years by a broader downturn in the luxury industry.

Industry watchers say that if Armani’s heirs pursue a listing, it could trigger a wave of similar moves from other privately held fashion houses. Many iconic labels remain closely held by founding families or creative leaders who now face questions of succession and long-term sustainability.

An IPO offers not only fresh capital but also a mechanism to institutionalize governance in an industry where brand identity and founder influence have long been paramount.

For now, the focus is on how Armani’s heirs navigate their options. But with consolidation accelerating across the luxury sector, Armani’s final wishes could mark a turning point — one that encourages other storied names to consider whether the stock market is the runway to their future.