The late designer left his closely held Giorgio Armani SpA to his foundation, family members and partner Leo Dell’Orco. Photo: AFP
Giorgio Armani’s will outlines plans to sell a stake in his closely held fashion house to a major luxury firm, setting in motion a process that will eventually see the Italian brand folded into a larger group.
The document, which was made public Friday (Sept 12), sets conditions for the Armani foundation to sell an initial stake of 15% of the fashion house to LVMH Moet Hennessy Louis Vuitton SE, EssilorLuxottica, L’Oreal SA or another company of similar standing within 18 months, according to a copy of the document obtained by Bloomberg News.
