MILAN (AP) — The late Italian fashion mogul Giorgio Armani, after a long history of resisting business partnerships, has ordered the sale of a 15% minority stake in his extensive fashion empire. His heirs are directed to prioritize the French conglomerate LVMH, the eyewear leader Essilor-Luxottica, or cosmetic giant L'Oréal.
According to the business will shared by the Italian newspaper La Repubblica, Armani bequeathed control of 40% of his brand to his close associate and menswear head Leo Dell'Orco. Additionally, 15% stakes were allocated each to his niece Silvana Armani, who leads womenswear, and nephew Andrea Camerana. The remaining 30% of the business will be governed by the Armani Foundation, which was established by him in 2016 as a succession vehicle.
Armani, a prominent figure in the Italian fashion landscape, passed away on September 4 at the age of 91. His dual wills, one concerning his fashion empire and the other regarding his private assets, were filed with Italian tax authorities on Thursday and widely covered by Italian media on Friday. The Armani Group has opted not to comment on the revelations.
These wills had undergone revisions last spring, with some parts handwritten on a sepia-colored envelope, showcasing the personal touch of the designer. Notably, Armani was distinguished in the fashion world for maintaining stringent control over his brand, consistently rebuffing offers from major luxury groups like LVMH, Gucci (now under Kering), and from the Fiat-founding Agnelli family descendants.
In his will, Armani stipulated that the sale of the 15% stake be executed no sooner than one year and no later than 18 months after his passing, prioritizing LVMH, Essilor-Luxottica, or L'Oréal, as well as a similarly esteemed fashion group. Furthermore, his niece Roberta, who has historically acted as a liaison with high-profile clients, and his sister Rosanna were each allocated a 15% non-voting share in the fashion house.
Beyond his business interests, Armani held a 2.5% stake in the French-Italian eyewear leader Essilor-Luxottica, valued at approximately 2.5 billion euros ($2.93 billion). Following the major allocation of shares, 40% will be controlled by Dell'Orco, while the rest will be divided among family members. This distribution is part of a broader strategy for managing Armani’s substantial personal wealth, which also includes properties in Milan, New York, the Sicilian island of Pantelleria, and St. Tropez on the French Riviera.
In the upcoming Milan Fashion Week, set to commence on September 23, the final collections of Emporio Armani and Giorgio Armani designed by him will be unveiled. Additionally, a special exhibition at the Pinacoteca di Brera is planned to celebrate the 50th anniversary of the esteemed fashion house.
Armani's will also reflected his design philosophy, asserting that future collections should adhere to "essential, modern, elegant, and understated design with attention to detail and wearability." This directive underscores his enduring influence in the fashion industry even after his passing.
Colleen Barry, The Associated Press
