Armani's will provides for the gradual sale of the brand

The famous Italian designer Giorgio Armani, who died on September 4, has asked in his will that his foundation, which inherited his company, transfer a significant portion to a fashion giant such as LVMH, EssilorLuxottica or L'Oréal, according to details of the will published Friday by the Italian press.

"I am instructing the foundation to transfer a 15% stake in the company between 12 and 18 months after the opening of the will (opened Thursday, editor's note)," Giorgio Armani states in this document. He requests that these shares be transferred as a priority to the luxury group LVMH, the eyewear giant EssilorLuxottica, the world's number one cosmetics company L'Oréal or to other companies of similar standing in the fashion world, according to the Italian press.

The Armani Group, whose businesses range from haute couture to hotels, is worth several billion euros. While Giorgio Armani remained highly independent throughout his life, this same shareholder will later have the opportunity to take control of the group by acquiring between 30 and 54.9% of the remaining capital.

If this sale (planned three to five years after the opening of the will on Thursday) does not go through, the designer has requested that his company be listed on the stock market, with the Armani Foundation retaining 30.1% of the shares. The Italian designer, who died on September 4 at the age of 91, leaving no children, bequeathed 100% of his company to his foundation. It will be run by his partner and right-hand man Leo dell'Orco and his nephews, who will have to make these capital-intensive decisions.

The foundation will hold 10% of the company's shares, with the remainder in full ownership, along with 30% of the voting rights. Leo Dell'Orco will hold 40% of the voting rights, and the designer's nephews, Silvana Armani and Andrea Camerana, will hold 15% each. The designer also requested that his company be run "ethically, with moral integrity and correctness," and insisted on "the pursuit of an essential, modern, elegant, and discreet style," and "attention to innovation, excellence, quality, and product refinement."

Armani declined to comment on the reports Friday morning. The designer's other real estate empire was bequeathed to his sister Rosanna and his nephews Andrea and Silvana. Leo dell'Orco, however, retains the usufruct of his numerous properties located in Saint-Tropez, France, Saint-Moritz, Switzerland, and on the islands of Antigua and Pantelleria.