From No. 21 to No. 18 in Milan, a street-length thread links Giorgio Armani’s private world to the discreet fixer who helped run it.

Milan – In the week since Giorgio Armani’s death on September 4 at age 91, a name once known only inside the designer’s closest circle has moved into the spotlight: Michele Morselli. The 42‑year‑old real‑estate specialist appears in Armani’s personal will as the beneficiary of a package of shares and Italian government bonds worth well over €50 million. To grasp the thread that links the two men, you only have to cross the street: Armani lived at Via Borgonuovo 21; Morselli’s home is at No. 18, opposite.

The discreet manager behind Armani’s homes

Morselli isn’t a runway figure. He is the chief executive of L’Immobiliare Srl, the private company that looks after the designer’s properties—from Saint‑Tropez and Pantelleria to Antigua, Broni and New York—quietly solving logistics while Armani focused on the brand.

What he inherited—and why it matters

According to documents summarized by Italian media, Armani left Morselli 101,000 shares in EssilorLuxottica and two large tranches of Italian government bonds (BTPs): one 2029 issue with a €30 million nominal value and a 2040 issue worth about €2.07 million. There are also personal effects—including classic cars to be divided with Leo Dell’Orco—and usage rights tied to key places in Armani’s life. During Dell’Orco’s periods aboard the megayacht Main, Morselli and his family may spend two weeks on board. In New York, one of the two apartments left to Dell’Orco must be made available to Morselli for temporary stays; in Saint‑Tropez, access extends to a house or the pool. A clause directs that a policy in Bianca Morselli’s name—the manager’s daughter—be paid out to her between ages 25 and 30.

Across the street: No. 21 and No. 18

Geography tells part of the story. Armani’s seventeenth‑century palazzo at Via Borgonuovo 21—his ‘center of the universe,’ as friends put it—faces Casa Crespi at No. 18, where Morselli owns an apartment. That street‑length proximity mirrors his professional closeness: L’Immobiliare Srl handled not only city apartments but storied retreats on Pantelleria and the Côte d’Azur. It was a role built on discretion and trust.

A larger succession plan, spelled out in detail

Morselli’s windfall sits next to a precise corporate blueprint. In his business testament, Armani instructs heirs to sell a 15% stake in Giorgio Armani SpA within 12 to 18 months, then a further 30% to 54.9% three to five years later—giving priority to LVMH, L’Oréal or partner EssilorLuxottica—or to list the company. The Fondazione Giorgio Armani must retain a long‑term anchor stake of at least around 30%, while operational control concentrates around Dell’Orco, the long‑time menswear chief and companion, alongside selected family members.

Signal to the market—and to Armani’s inner circle

The bequests to Morselli are unlikely to move product strategy. Their meaning is personal and practical: they keep intact the private world that framed Armani’s life and ensure a trusted hand remains near key assets. Even as a minority stake is prepared for sale and a larger deal or listing comes into view, the governance of Armani’s homes—deeds, usufructs and the cadence of use—stays with people who know the playbook.

What to watch next

In the near term, expect continuity: the foundation and Dell’Orco have pledged to respect the designer’s principles while they explore a minority sale. For Morselli, the job description hardly changes—except for the figure attached to his name. From Via Borgonuovo 18 he will cross the street when needed, representing continuity in the spaces that defined one of Italian fashion’s most influential lives.