Giorgio Armani leaves final instructions in will. Image: Newsweek.
(The Post News) -Late fashion designer Giorgio Armani’s will instructs his heirs to gradually sell at least 45% of the fashion house or list the shares publicly through an initial public offering (IPO).
The will seen by Reuters states that three and five years from now, recipients of the empire should begin to sell the shares, with priority given to 75 luxury brand-owning conglomerate LVMH, beauty giant L’Oreal, or Italian eyewear empire EssilorLuxottica. Armani also encouraged heirs to consider other luxury groups with which the brand has existing commercial ties.
The will further outlines the sale process, requiring that the first 15% should be sold within 18 months. Thereafter, the additional 30% to 54.9% can be transferred to the same buyer. An additional 30% to 54.9% could then be transferred to the same buyer. Alternatively, the heirs may opt to sell the shares to the public through a stock market listing.
Who Is In Armani’s Will?
With no children of his own, the Italian mogul, who passed away on September 3, entrusted the multi-billion-euro brand to his long-time partner Leo Dell’Orco and his family. Armani described Dell’Orco as his “right-hand man,” having worked alongside him two years after the brand launched in 1975.
Armani co-founded the fashion house with his late partner Sergio Galeotti and maintained strict authority over its creative and managerial direction. He died at 91, still at the helm of a company generating €2.3 billion ($2.7 billion) in annual revenue.
Please share your thoughts, contact Lukhona via email: journalist-lukhona@thepostnews.net
About the Author
