Giorgio Armani’s heirs can sell his company or take it public, following the instructions set out in the will of the famous Italian fashion designer, who died on 4 September.
Armani ordered the sale of 15 per cent of Giorgio Armani S.p.
A. within 18 months of his death, and in the next three to five years – another 30 per cent to 54.9 per cent to the same buyer, according to the will, published on Friday by the newspaper La Repubblica.
The late fashion designer named world leaders in the segment of “luxury” goods – LVMH, L’Oreal and EssilorLuxottica – as priority buyers.
Alternatively, the heirs may conduct an initial public offering in Italy or another major market, the will says.
Armani bequeathed 40 per cent of his company’s voting shares to long-time associate and partner Pantaleo Dell’Orco, 30 per cent to the Fondazione Giorgio Armani, a foundation founded in 2016, and 15 per cent each to his niece and nephew, who ran various parts of his business. Other relatives inherited shares without voting rights.