Since Giorgio Armani’s death last September, speculation around the fate of his namesake company—which he privately owned and controlled for a half-century—has understandably run rampant. After all, Armani’s will seemed like it was conceived by the Succession writers room. Recall that Armani, who died childless at 91, insisted that 15 percent of the business be sold next year, followed by an additional 30 to 55 percent within the subsequent three to five years, thereby setting up a two-step acquisition process—one that, Armani instructed, would demonstrate a preference for LVMH, or current partners EssilorLuxottica and L’Oréal, or some nebulous company of “equal standing.” Who qualifies as “equal” is subject to the whims of Pantaleo “Leo” Dell’Orco, Armani’s longtime partner and chairman of the foundation.