MILAN: Fashion icon Giorgio Armani requested in his publicly revealed will that his foundation sell a 15% stake in his company to a major luxury group.
The Italian designer, who passed away on September 4 at age 91, specifically named LVMH, L’Oreal, and EssilorLuxottica as preferred potential buyers in the document published by Italian media.
Armani built his multi-million euro empire over five decades, maintaining strict control over ventures ranging from haute couture to hotels throughout his lifetime.
L’Oreal, which has partnered with Armani since 1988 to distribute perfumes and cosmetics, expressed being “touched and honoured” by the mention and stated it would carefully consider the opportunity.
The will stipulates that any new shareholder would have the option to acquire a majority stake within three to five years following the document’s opening last Thursday.
Armani directed that the company should pursue a stock market listing if no stake sale occurs, with the Armani Foundation retaining 30.1% of shares under that scenario.
The executive committee of Giorgio Armani emphasised in a statement that the foundation would maintain significant influence regardless of the outcome.
“The foundation shall never hold less than 30 percent of the capital, thereby acting as a permanent guarantor of compliance with the founding principles,“ the committee stated.
These founding principles include moral integrity, global brand development, and a continued focus on innovation, excellence, and essential modern elegance.
Forbes magazine estimated Armani’s net worth at $11.8 billion at the time of his death, with the Milan-based designer having no direct heirs.
He bequeathed his entire company to his foundation, which will hold 10% of shares directly and the remainder in bare ownership without usage rights.
Voting rights will be distributed with 30% to the foundation, 40% to his close associate Leo Dell’Orco, and 15% each to his niece Silvana Armani and nephew Andrea Camerana.
The company statement confirmed that “Mr Armani’s intention to safeguard strategic continuity, corporate cohesion and financial stability for long-term development is confirmed at every stage.”
Short and medium-term strategic decisions will rest with Dell’Orco and family members, supported by the foundation’s guidance.
Any potential partner must demonstrate genuine interest in the Armani brand and possess recognised standing within the industry.
Armani’s real estate holdings were left to his sister Rosanna along with his niece and nephew, though Dell’Orco retains usage rights to properties in Saint Tropez, St Moritz, Antigua, and Pantelleria.
The designer passed away after months of fragile health and was laid to rest in the family tomb in Rivalta near his birthplace of Piacenza.
His final collections will be presented later this month during Milan Fashion Week, coinciding with a September 24 exhibition marking the brand’s 50th anniversary. – AFP
