From Milan to Dubai: Armani Expands Its Real Estate Portfolio

Armani Group announces joint venture with Symphony Global. The Italian brand begins a new phase of global expansion in the real estate sector with the collaboration with the investment firm. The agreement provides for global exclusivity for the development of a series of Armani Hotels and Resorts in various cities around the world.

The new venture will be based in Milan and Dubai, both cities being strategic points of the alliance and tools for global reach. The joint venture has a duration of twenty years, with an option for a renewal of another ten years.

It will follow a highly selective growth strategy, seeking the highest quality in the location, design and services of its hotels.

The company focuses on the development of two types of accommodations. On the one hand, a line that continues the consolidated model of Armani luxury hotels, following the reference of the spaces it already has in Milan and Dubai. On the other hand, a high-end range of accommodations aimed at the new generation of travelers.

Armani already has several long-term collaborations with Luxottica and L’Oréal

Armani opened its first hotel in 2010, located in the Burj Khalifa tower in Dubai. It was followed by another located in Via Manzoni, Milan a year later in 2011. The next planned project is the Armani Hotel at Diriyah Gate in Riyadh, due to open in 2027.

Symphony Global is the private investment firm of Mohamed Alabbar, founder of Emaar Properties, one of the world’s leading real estate and hotel development companies, known for developing projects such as Downtown Dubai, the Burj Khalifa and the Dubai Mall. This partnership aligns with other long-term collaborations of the company such as Luxottica and L’Oréal, the group’s eyewear and beauty licensees.

Armani expanded its business with the creation of Armani Casa, a selection of home products along with an interior design studio for private individuals and real estate developers, including projects in New York, London and Miami.

This week the company appointed Matteo Mascazzini as CEO of the Americas region. The Italian group is in the midst of a reorganization following the death of Giorgio Armani on September 4th, 2025 at the age of 91. Last October, the Italian company appointed Giuseppe Marsocci to lead the group as CEO with a seat on the board.

The changes at the top come in the wake of Armani’s demise, which stipulated that his heirs must sell 15% of the company’s capital within 18 months of his death.

Subsequently, and within three to five years, the plan calls for the sale of an additional 30% to 54.9% stake to the same buyer, or alternatively, the company’s IPO. For the time being, EssilorLuxottica is emerging as the leading candidate for a 10% stake in Armani.