Armani bequeathed to sell his fashion house to a large luxury concern

Georgio Armani bequeathed to his heirs to gradually sell the same fashion house to one of the world leaders in the luxury class segment. This is stated in the testament of the designer, quoted by La Repubblica , Bloomberg and Reuters .

According to the document, Armani ordered a 15% Giorgio Armani SPA to one of three priority buyers - LVMH, Essilorluxottica and Lʼoréal - or a company of a similar level. After three to five years, the buyer will be able to increase the share in the fashion house to 54%.

Heirs may not sell the company, but then, according to the will, they must bring it to the public market (IPO).

Now the decision on the fate of the Giorgio Armani SPA should be adopted by the Armani Foundation, his family, as well as the business partner and the “right hand” Leo Delliorko. It was they who inherited the company.

• The Italian fashion designer and entrepreneur Georgio Armani died on September 4. He was 91 years old. Until the last days of his life, Armani held the positions of a creative and general director of the same fashion house, which still has not absorbed large holdings.
• According to Bloomberg, under the leadership of Armani, the company managed to maintain not only independence, but also financial stability, although it experienced difficulties in increasing income. The death of the designer was during the crisis period for the luxury goods industry, which suffered from the growth of tariffs and the fall of demand after the pandemic of Covid.