Details Of Giorgio Armani's Will Revealed, Including Instruction To Sell Chunk Of Empire
HuffPost
The late fashion icon last year rewrote two wills — one for his business empire, the other for his private property — partly by hand on the back of a sepia-colored envelope.
MILAN (AP) — After a lifetime of spurning would-be business suitors, the late Italian designer Giorgio Armani instructed his heirs to sell a 15% minority stake in his vast fashion empire, with priority to the French conglomerate LVMH, the eyewear giant Essilor-Luxottica or the cosmetics company L’Oreal.
Armani gave control of 40% of his business empire to his longtime collaborator and head of menswear Leo Dell’Orco, and another 15% each to niece Silvana Armani, the head of womenswear, and nephew Andrea Camerana, according to his business will posted online Friday by the Italian daily La Repubblica.
The Armani Foundation, which he established in 2016 as a succession vehicle, will control the remaining 30%.
Armani, one of the most recognizable names and faces in Italian fashion, died on Sept. 4 at the age of 91.
Two wills, one for his business empire and the other for his private property, were deposited with Italian tax authorities on Thursday, and widely reported by Italian media on Friday. The Armani Group declined to comment.
