After a lifetime of spurning would-be business suitors, the late Italian designer Giorgio Armani instructed his family to gradually sell off his vast fashion empire.
Armani, who died last week at the age of 91, had built the world’s most valuable private luxury brand.
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The Italian-born billionaire, who was 91, died at home surrounded by his family on Thursday.
His will, which was published by Italian media on Friday, divides the Armani Group between his close family and the Armani Foundation, which was established in 2016 to preserve the designer’s legacy.
Donatella Versace (centre) 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 designer’s death, with preference given to French conglomerate LVMH, cosmetics brand L’Oreal and eyewear giant Essilor-Luxottica.
A further 30% to 54.9% should be sold to the same buyer within five years, the document states.
The decision marks a sharp break from Armani’s attitude during his 50 years as head of the fashion label. He had long resisted giving any control to outside investors, remaining the sole 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, Anna Murphy, fashion director of The Times, has told Sky News.
If a deal with one of the named companies, or another of “equal standing”, is not possible, the will calls for public stock market listing as an alternative.
Although the Armani Group has reported stagnating revenues in recent years amid a wider slowdown in the luxury market, the prospect of a sale is expected to generate significant interest given the brand’s enduring reputation.
Italian eyewear company Essilor-Luxottica said in a statement that it would consider a possible deal.
“We’re proud of the consideration our group and its management received from Mr Armani,” a spokesperson said.
The largest share of the company, 30%, is being given to Armani’s longtime partner and collaborator Pantaleo Dell’Orco, who will also control 40% of the voting rights and chair the Armani Foundation.
Armani’s sister Rosanna, her son Andrea, and the two daughters of his late brother, Silvana and Roberta, are being granted 15% each, though Rosanna and Roberta will not receive voting rights. Armani had no children.
The Armani Foundation will get only 10% of shares, but will control 30% of the voting rights.
In the will, Armani specified that the Dell’Orco’s shares should be sold twice as quickly as other family members, while the Armani Foundation should retain control over its stake.
