Concerns Over Giorgio Armani‘s Future: Italian Luxury Executives Weigh In
Published
September 24, 2025
In a significant gathering of Italy’s luxury fashion elite, Lorenzo Bertelli, a senior executive at Prada and a prominent figure in the Italian fashion landscape, voiced apprehensions regarding the potential foreign acquisition of the Giorgio Armani brand. This sentiment reflects a broader anxiety among Italian luxury executives about the preservation of their heritage in an increasingly globalized market.
The Breakfast Meeting: A Gathering of Influential Voices
Bertelli’s remarks came during a breakfast event hosted by the Camera della Moda, Italy’s governing body for fashion, held at the exclusive Cipriani members’ club. The event brought together key figures from the Italian luxury sector, including Renzo Rosso of Diesel, Luigi Maramotti of Max Mara, and Gildo Zegna, among others. Collectively, these leaders oversee brands that generate over €12 billion in annual sales, making their opinions particularly influential in the industry.
Bertelli stated, “Naturally, I fully respect the right of Signor Armani to do as he wishes with his own company. But, of course, we would be disappointed if Armani passed into foreign control.” His comments underscore a growing concern that iconic Italian brands may lose their cultural identity and heritage if they fall into the hands of foreign conglomerates.
The Legacy of Giorgio Armani
The recent passing of Giorgio Armani on September 4 has intensified discussions about the future of his eponymous brand. According to the stipulations outlined in his will, Armani’s heirs are required to sell 15% of the company to a major luxury group within 18 months or consider a public offering. The will specifically mentions three potential buyers, two of which are French: luxury powerhouse LVMH and cosmetics giant L’Oréal, alongside the Franco-Italian eyewear leader EssilorLuxottica.
This situation mirrors historical trends in the luxury sector, where iconic brands have often been absorbed by larger entities, leading to concerns about the dilution of their unique identities. The fate of Armani could set a precedent for other Italian luxury houses, raising questions about the balance between financial viability and cultural preservation.
Recent Developments in the Luxury Market
In a related move, Prada recently acquired Versace for $1.25 billion, reclaiming an iconic Milanese brand from American ownership. This acquisition, which came at a significant discount from the $2.1 billion sale price in 2018, highlights the shifting dynamics in the luxury market, particularly as brands reassess their valuations amid a slower economic climate.
Milan Fashion Week, which commenced just days after Bertelli’s comments, serves as a backdrop for these discussions. The event features 171 activities, including 54 in-person shows, and will culminate in a retrospective of Armani’s work at the Pinacoteca di Brera, Milan’s premier art museum. This celebration of Italian fashion heritage contrasts sharply with the anxieties surrounding foreign ownership.
Challenges Facing the Italian Fashion Industry
The Italian luxury sector is currently grappling with various challenges, including recent fines imposed by authorities for unfair labor practices against major brands like Dior and Armani. Carlo Capasa, CEO of the Camera della Moda, acknowledged these issues, stating, “We are presenting a law to address this issue in November.” He emphasized that while irregular labor practices exist, they represent a small fraction of the overall workforce in the fashion industry.
Capasa’s comments reflect a broader concern about the ethical implications of fashion production, particularly in light of reports suggesting that some high-profile brands may be utilizing substandard labor practices. The industry is at a crossroads, where the need for ethical production must be balanced with the economic realities of maintaining competitiveness in a global market.
The Importance of Supporting Small Brands
Luigi Maramotti, another influential figure at the breakfast meeting, cautioned against focusing solely on the creation of large conglomerates. He argued for the importance of supporting small companies and artisans, stating, “Some things are not so simple to regulate.” His remarks highlight a growing recognition that the future of Italian fashion may depend on nurturing its smaller, family-owned brands, which often embody the craftsmanship and heritage that define Italian luxury.
Gildo Zegna echoed this sentiment, expressing gratitude for Armani’s contributions to the industry and emphasizing the need to defend Italy’s fashion ecosystem. He noted that many Italian houses remain family-controlled, a testament to the enduring legacy of craftsmanship and tradition in the sector.
Navigating Global Challenges
The Italian fashion industry is not only facing internal challenges but also external pressures from global economic shifts. The collapse of Chinese consumer demand for luxury goods and rising tariffs in the U.S. market are creating additional hurdles for Italian brands. Zegna pointed out that these tariffs could inflate prices, making it more difficult for Italian luxury goods to compete internationally.
Despite these challenges, Capasa remains optimistic about the future of Italian fashion. He stated, “It’s a time of deep divisions in the world with lots of problems. But, in my view, we are going to have a strong fashion week.” This optimism is crucial as the industry seeks to navigate a complex landscape marked by both opportunity and uncertainty.
Conclusion: A Call for Unity and Resilience
As the Milan Fashion Week unfolds, the discussions among Italy’s luxury executives highlight a critical moment for the industry. The potential foreign acquisition of Giorgio Armani raises questions about the preservation of Italian heritage in luxury fashion. With a collective commitment to ethical practices and support for small brands, the Italian fashion sector can strive to maintain its unique identity while adapting to the challenges of a globalized market. The future of Italian luxury may depend on this delicate balance, as the industry seeks to honor its past while embracing the opportunities of tomorrow.
