Unexpected turn: Armani bequeathed to his heirs to sell the fashion house or take it public

The will of the late fashion designer Giorgio Armani speaks of a gradual sale of a controlling stake or an initial public offering on the stock exchange. This contradicts the designer's long-standing position, who during his lifetime insisted on the company's independence, reports UNN with reference to Reuters.

Details

The late designer Giorgio Armani instructed his heirs to gradually sell the fashion brand he created 50 years ago, or to seek a listing on the stock market

The document, seen by Reuters, states that the heirs must sell an initial 15% stake in the Italian fashion house within 18 months, and then transfer an additional 30-54.9% stake to the same buyer within three to five years after Armani's death.

The will also states that priority should be given to luxury goods giant LVMH (LVMH.PA), L'Oreal (OREP.PA), EssilorLuxottica (ESLX.PA) or another "equal" group identified by the foundation the designer created to preserve his legacy with the consent of his partner Armani Pantaleo Dell'Orco.

Alternatively, an initial public offering in Italy or a similar market is proposed, the document states. Such an order to sell shares sharply contradicts Giorgio Armani's long-standing position, who always refused to loosen his control or take the brand to the stock market, the publication concludes.

Recall

On September 4, at the age of 91, the founder of the global fashion empire Giorgio Armani died. Until his last days, he remained true to his craft.

The legendary Italian designer left behind a fortune estimated at over $12 billion. Armani stated in his autobiography several years ago that a succession plan was prepared, but the designer did not wish to disclose details earlier.