The heirs must sell an initial participation of 15% of the firm in the 18 months of Armani’s death.
The late designer Giorgio Armani He instructed his heirs to that gradually sell the fashion house who created 50 years ago or look for a market exit, according to their will, triggering a career for the control of the famous brand and an important change for a very protective signature of its independence and its Italian roots.
The designer, known in the sector as the “King Giorgio”, He died on September 4, at 91 And without children who inherit their fashion empire, which analysts in the sector value between 5,000 and 12,000 million euros (between 5,900 and 14,000 million dollars).
What does the Testament of Giorgio Armani say about the sale of his fashion empire
The Testament, which consists of two documents presented before a notary in March and April of this year, respectively, and those who had access to the Reuters agency, establishes that the heirs must sell an initial participation of 15% of the firm in the 18 months following the death of Armani.
Subsequently, they should transfer an additional participation from 30% to 54.9% to the same buyer between three and five years after the death.
It is also indicated that the LVMH luxury giant should be given priority, to the heavyweight of the L’Oréal beauty, the leader of the Esiloruxotic glasses or another group of “equal category” identified by a foundation that the designer created to preserve his legacy with the agreement of the Business and Life Partner of Armani, Pantleo Dell’orco.
The explicit mention of the sale of participations and companies quoted in France as possible buyers is a surprise, given the persistent negative of Giorgio Armani to dilute his control or take his fashion group to theok, which, according to experts in the sector, maintains its attraction despite the world luxury deceleration.
As an alternative to the sale of the second section of shares, An initial public offer should be made, in Italy or in a market of the same categorysaid the will. These types of provisions are essentially binding and could be challenged before the courts if they are not fulfilled, according to the Italian Notarial College.
Essiloruxoticcontrolled by the heirs of the Italian businessman Leonardo del Vecchio And with commercial links with Armani, he said in a statement that he will study a possible agreement.
L’Oréalwhich maintains a license agreement with the Armani group until 2050, also said on Friday that it will study the opportunity. LVMHcontrolled by the French billionaire Bernard Arnaultdeclined to comment.
Source: Ambito
I am an author and journalist who has worked in the entertainment industry for over a decade. I currently work as a news editor at a major news website, and my focus is on covering the latest trends in entertainment. I also write occasional pieces for other outlets, and have authored two books about the entertainment industry.
