After a life of pretenders, the late Italian designer Giorgio Armani asked his family to gradually sell his vast fashion empire.
Armani, who died last week at the age of 91, had built the most precious private luxury brand in the world.
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The billionaire of Italian origin, who was 91, died at home surrounded by his family on Thursday.
Friday, his will, which was published by the Italian media, divides the Armani group between his nearby family and the Armani Foundation, which was created in 2016 to preserve the heritage of the designer.
Donatella Versace (Center) arrives to pay tribute to Giorgio Armani. Pic: Reuters
The will also specifies that 15% of the company must be sold within 18 months of the death of the designer, with the preference given to the French conglomerate LVMH, the Cosmetics L’Oreal brand and the giant of Essilor-Luxottica glasses.
Another 30% to 54.9% should be sold to the same buyer within five years, the document said.
The decision marks a clear break in Armani’s attitude during its 50 years at the head of the fashion brand. He had long resisted to give control to external investors, remaining the only shareholder of the Armani group until his death.
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Giorgio Armani was responsible for changing the way people dressed at the end of the 20th century, said Anna Murphy, Times fashion director, told Sky News.
If an agreement with one of the named companies, or another of “equal position”, is not possible, the will provides for the list of public scholarships as an alternative.
Although the Armani group has reportedly reported in recent years in the midst of a broader slowdown in the luxury market, the prospect of a sale should arouse significant interest given the sustainable reputation of the brand.
The Italian glasses company, Essilor-Luxottica, said in a statement that she would consider a possible case.
“We are proud of the consideration that our group and its management have received from Mr. Armani,” said a spokesperson.
Most of the company, 30%, is granted to the partner and longtime employee of Armani Pantaleo Dell’orco, who will also control 40% of the voting rights and will chair the Armani Foundation.
Armani’s sister, Rosanna, her son Andrea, and the two daughters of her late brother, Silvana and Roberta, are granted to 15% each, although Rosanna and Roberta will not receive the voting rights. Armani had no children.
The Armani Foundation will only obtain 10% of shares, but will control 30% of the voting rights.
In the will, Armani said that Dell’orco’s actions should be sold twice as quickly as other family members, while the Armani Foundation should keep control of its participation.