With turbulence all around, Armani plays it safe and easy in Milan

A year after the death of Giorgio Armani, the Italian fashion house he founded in 1975 is facing increasing uncertainty about its future ownership.

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. If a private sale does not materialise, an IPO is mandated to take place. Now there are reports 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.

Against this backdrop, pressure is mounting for the company to prove to potential buyers the continued allure of Armani. In 2025, its revenue fell for a second consecutive year, dropping 2.8% to €2.19bn.

In a turbulent luxury market, the question now is if Armani can remain a powerhouse without its founder – who turned it into an empire – at the helm.

So far during this era of upheaval, Armani’s niece Silvana Armani, who took over as creative director of womenswear after his death, has chosen to play it safe by leaning into continuity rather than any dramatic design shake-up.

Her latest show on Sunday – which closed out Milan fashion week – reflected this with a collection that further cemented her uncle’s legacy.

Relaxed suiting echoed Armani’s approach to tailoring. He famously did away with heavy shoulder padding and stiff linings. This sense of ease was boosted further by whisper-thin silk shirting and cardigan-like delicate cashmere jackets. In a recent interview, Silvana, who only wears trousers, jackets and shirts, said: “My woman inevitably ends up looking a bit like me.” The biggest changes she has implemented have been ditching her uncle’s beloved hats, adding more pockets to pieces including dresses, and using cotton, a material Armani disliked.

A double-breasted, black tailored suit styled with white gloves was inspired by a photo Silvana found of a young Armani at his communion. Another look included a sparkling printed bomber jacket featuring a printed portrait of the late designer.

Key to Armani’s success was his dominance of the Hollywood red carpet. 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.

More recently, a younger cohort of A-listers has been delving into the Armani archive, including Zendaya who wore a webbed dress from a 90s collection to the recent premiere of Spiderman in Italy. 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.

However, there are hints greater change may be afoot at the company. Last week, it appointed Dario Vitale as creative director of Emporio Armani, making him the first external designer to lead an Armani line. The Italian designer has been tasked with revitalising the diffusion line launched by Armani in 1981. Aimed at a younger customer, it accounts for almost a third of the group’s revenue.

Vitale will also oversee the accessories offering at Giorgio Armani. He previously worked at Miu Miu, where he has been crediting with shaping its viral success, before landing the top job at Versace after Donatella’s departure. Despite widespread acclaim, his tenure ended abruptly last year. It is widely expected that Vitale will eventually take over the creative role at Giorgio Armani too, which for prospective buyers could add further enticement.

Elsewhere, on Saturday night, Sunderland-born Louise Trotter showed her third collection for Bottega Veneta. The brand famously created Intrecciato, a distinct handwoven leather technique in 1966, which Trotter has now reimagined across everything from giant bags to trench coats. Chunky crochet and handmade lace further added to the homespun mood. Trotter also secured one of the starriest moments of Milan fashion week.

The model Kendall Jenner closed the show, while her boyfriend, the Wuthering Heights actor Jacob Elordi, who has been an ambassador for the brand since 2024, snapped a photo from the front row. He sat alongside the musicians Tyler, the Creator, Solange and the actors Lauren Hutton and Julianne Moore.