ARMANI’S WILL REQUESTS SHAREHOLDERS TO SELL SHARES

When Giorgio Armani died, his estate made it clear that they would follow his final wishes. While they might not have known what those exact wishes were, they were in for a surprise.

The Italian fashion designer, who died at the beginning of September at the age of 91, instructed his heirs to sell an initial 15% minority stake in his empire.

He required his heirs to give priority to the French conglomerate LVMH, the cosmetics company L’Oreal, or the eyewear giant Essilor-Luxottica. The sale should happen between 12 and 18 months after his death

A massive 40% of his fashion empire was left for his longtime collaborator and head of menswear, Leo Dell’Orco. His niece and head of womenswear, Silvana Armani, as well as his nephew Andrea Camerana, each received a 15% minority stake.

The Armani Foundation will control the remaining 30%. The Italian established the foundation in 2016 as a succession vehicle.

Italian media widely reported on the designer’s two wills: One for his private property and one for his business empire. Both wills were amended by Armani himself last year. The amendments were partly made by hand on the back of a sepia-coloured envelope.

Image credit: This is Beirut