The Giorgio Armani Foundation does not expect the planned sale of an initial 15% stake in the fashion group to be finalised before 2027, Italian newspaper Corriere della Sera reported.

Founder Giorgio Armani died on 4 September 2025, leaving the foundation to safeguard the group's founding principles.

According to the translated version of the report, his will had set an 18-month window from his death, expiring in March 2027, for the first tranche of the stake to be sold.

However, the foundation's directors, chaired by Pantaleo Dell'Orco, said in the report that “taking into account the testamentary instructions regarding the first sale of a minority stake in Giorgio Armani, and considering the expected time required to organise a sale transaction with a select and qualified strategic investor", they believe the sale “cannot occur before 2027”.

Foundation board member Irving Bellotti told the board's April meeting that “evaluations” of the 15% stake sale are under way but “still preliminary”.

He cited the “complexity of the transaction, which will begin this year but is expected to be completed by 2027”.

People within the group said the will's timeline should be treated as guidance rather than a binding deadline, adding that the timing of any sale will hinge on market conditions and profitability, given the luxury sector has yet to recover.

On inheritance tax, the will provides for a monetary legacy to the foundation, to be paid by certain heirs, amounting to €52.9m ($61.03m) in tax debts.

Group net sales dropped 7.5% at current exchange rates and 3.9% at constant exchange rates in January and February 2026 versus the same period a year earlier, chief executive Giuseppe Marsocci told the board in April.

The fall was driven entirely by the wholesale channel, down 10.7% at constant exchange rates, while direct sales grew 3.5% over the same period.

Cost-cutting delivered a further €25m in operating savings. Half-year results are due for board approval on 8 September 2026.