After a lifetime of spurning would-be business suitors, the late Italian designer Giorgio Armani instructed his family to gradually sell off his vast fashion empire.
Armani, who died last week at the age of 91, had built the world’s most valuable private luxury brand.
His will, which was published by Italian media on Friday, divides the Armani Group between his close family and the Armani Foundation, which was established in 2016 to preserve the designer’s legacy.
Donatella Versace (centre) arrives to pay tribute to Giorgio Armani. Pic: Reuters
The will also specifies that 15% of the company must be sold within 18 months of the designer’s death, with preference given to French conglomerate LVMH, cosmetics brand L’Oreal and eyewear giant Essilor-Luxottica.
A further 30% to 54.9% should be sold to the same buyer within five years, the document states.
The decision marks a sharp break from Armani’s attitude during his 50 years as head of the fashion label. He had long resisted giving any control to outside investors, remaining the sole shareholder of the Armani Group until his death.
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