The famous Italian designer Giorgio Armani’s will has been revealed, reports La Repubblica.
Armani advised his heirs to either sell his brand or place shares through an IPO. He stipulated that his stake in the company should be sold in two stages: first, within 18 months after his death, 15 percent of Giorgio Armani S.p.A., and then within the next 3–5 years another 30 to 54.9 percent of shares should be transferred to a single investor.
According to the designer, priority buyers include large luxury companies such as L’Oreal, LVMH, and EssilorLuxottica. In addition, the heirs have the right to carry out the IPO both in Italy and in other major markets.
It became known that Armani left 40 percent of the voting shares to his partner Pantaleo Dell’Orco, 30 percent to the Fondazione Giorgio Armani foundation, and 15 percent to his niece and nephew. The remaining non-voting shares were inherited by other relatives.
It should be recalled that Giorgio Armani passed away on September 4. On September 6, a farewell ceremony with the famous fashion designer was held in Milan.
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