MILAN – The late Italian designer Giorgio Armani had always turned away potential business partners throughout his life. However, he has directed his heirs to sell a 15% minority share of his extensive fashion empire, giving preference to the French conglomerate LVMH, the eyewear titan Essilor-Luxottica, or the cosmetics company L’Oreal.
Armani’s business will, made public online by the Italian daily La Repubblica, reveals that he allocated 40% of his business to Leo Dell’Orco, his long-time collaborator and the head of menswear. Another 15% was assigned to each of his niece Silvana Armani, who leads womenswear, and his nephew Andrea Camerana.
The Armani Foundation, which he established in 2016 as a succession vehicle, will control the remaining 30%.
Armani, a renowned figure in Italian fashion, passed away on September 4 at the age of 91. Two wills—one concerning his business holdings and the other his personal property—were lodged with Italian tax authorities on Thursday and received extensive coverage in the Italian press on Friday. The Armani Group declined to make any public statements on the matter.
Both had been rewritten by Armani last spring, partly by hand on the back of a sepia-colored envelope.
Armani was unique in the Italian fashion industry for maintaining stringent control over his brand, resisting proposals from LVMH, the Gucci group now under Kering, Kering itself, and the Agnelli family, founders of Fiat.
Yet, his business will stipulates that the Armani Foundation should sell a 15% share no sooner than one year and no later than 18 months after his passing. LVMH, Essilor-Luxottica, L’Oreal, or a similarly reputable fashion entity were noted as preferred buyers.
His niece Roberta, who has facilitated interactions between Armani and his celebrity clients, and his sister Rosanna, were each granted a 15% non-voting share in the company.
Armani maintained a 2.5% stake in the French-Italian eyewear giant, worth 2.5 billion euros ($2.93 billion), of which 40% goes to Dell’Orco and and the rest to family members — just a part of the distribution of his vast personal fortune which included homes in Milan, New York, the Sicilian island of Pantelleria and St. Tropez on the French Riviera.
The final Emporio Armani and Giorgio Armani collections designed by Armani will be presented later this month during Milan Fashion Week, which opens on Sept. 23. A special exhibition at the Pinacoteca di Brera will mark the 50th anniversary of the signature fashion house.
In his will, Armani specified that future collections should be guided by “essential, modern, elegant and understated design with attention to detail and wearability.’’
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