The Italian famous designer Giorgio Armani's will conditions have been disclosed, according to the La Repubblica publication. This was reported by Zamin.uz.
Armani recommended his heirs to sell the brand or place shares through an initial public offering (IPO). He arranged to sell his stake in the company in two stages.
In the first stage, within 18 months after his death, 15 percent of the shares of Giorgio Armani S.p.A. must be sold.
In the second stage, over the next 3–5 years, an additional 30 to 54.9 percent of the shares will be transferred to a single investor. According to the designer, among the priority buyers are major luxury companies such as L’Oreal, LVMH, and EssilorLuxottica.
Additionally, the heirs have the right to carry out the IPO process both in the Italian market and in other major international markets. It is known that Armani’s partner Pantaleo Dell’Orco was left with 40 percent of the shares with voting rights, the Fondazione Giorgio Armani foundation with 30 percent of the shares, and his niece and nephew a total of 15 percent of the shares.
The remaining shares were inherited by other relatives without voting rights. It is worth noting that Giorgio Armani passed away on September 4, 2023.
On September 6, a farewell ceremony dedicated to his memory was held in Milan.
