Armani's will: Gradual sale of his fashion house

Milan. According to the will of the late fashion designer Giorgio Armani, shares in the Italian fashion house of the same name are to be sold gradually. In his will, Armani stipulated that an initial 15 percent of the company should be sold within one and a half years, as reported by the news agency ANSA. Three to five years after Armani's death, a further 30 percent, up to a maximum of 54.9 percent, are to be sold. The will also provides for an IPO.

According to Ansa, Armani named international industry giants such as the luxury group LVMH, the cosmetics manufacturer L'Oréal, and the eyewear provider EssilorLuxottica as preferred buyers. However, Armani's heirs should also consider other fashion and luxury companies with which the company maintains business relationships for a future sale of the house.

Initially, control of the company will be transferred to the Giorgio Armani Foundation. Leo Dell'Orco, Armani's life and business partner, will receive 40 percent of the voting rights in the fashion company. A further 30 percent of the voting rights will go to the foundation, while his niece and nephew, Silvana Armani and Andrea Camerana, will each receive 15 percent, according to Ansa. The will also stipulates who will inherit the designer's real estate. Armani's sister, Rosanna, and his niece and nephew will receive most of it, while Dell'Orco will receive the Armani residence in central Milan.

Armani died last week at the age of 91. For decades, he was one of the world's most important fashion designers. In the mid-1970s, he founded Giorgio Armani SpA with his then-partner Sergio Galeotti. This was the nucleus of a corporation that is now worth billions. After Galeotti's death in 1985, the company belonged to Armani alone.

RND/dpa