"After a lifetime of spurning would-be business suitors, the late Italian designer Giorgio Armani instructed his heirs to sell an initial 15% minority stake in his vast fashion empire, with priority to the French conglomerate LVMH, the eyewear giant Essilor-Luxottica or the cosmetics company L'Oreal.Armani gave control of 40% of his business empire to his longtime collaborator and head of menswear Leo Dell'Orco, and another 15% each to niece Silvana Armani, the head of womenswear, and nephew Andrea Camerana, according to his business will posted online Friday by the Italian daily La Repubblica."
"The Armani Foundation, which he established in 2016 as a succession vehicle, will control the remaining 30%.Armani, one of the most recognizable names and faces in Italian fashion, died on Sept. 4 at the age of 91. Two wills, one for his business empire and the other for his private property, were deposited with Italian tax authorities on Thursday, and widely reported by Italian media on Friday."
"The executive committee of Giorgio Armani said in a statement that the documents confirms "Mr. Armani's intention to safeguard strategic continuity, corporate cohesion and financial stability for long-term development."That includes Armani's wishes for a short- and medium-term path for the brand mission and structure, which will be carried out by Dell'Orco and members of the family, the committee underlined.The foundation's first priority is to name a chief executive officer, the committee underlined,"
Giorgio Armani instructed heirs to sell an initial 15% minority stake in his fashion empire, prioritizing LVMH, Essilor-Luxottica or L'Oreal. He allocated 40% to longtime collaborator and head of menswear Leo Dell'Orco, and 15% each to niece Silvana Armani, head of womenswear, and nephew Andrea Camerana. The Armani Foundation, established in 2016, will control the remaining 30% and must hold at least 30% permanently. Two wills — one for the business and one for private property — were deposited with Italian tax authorities. The executive committee emphasized safeguarding strategic continuity, corporate cohesion and financial stability, and said the foundation's first priority is to name a CEO.
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