ROME, Sept. 12 (Xinhua) -- Italian fashion designer Giorgio Armani, who died last week at the age of 91, has set out in his will a detailed plan for the future of Giorgio Armani S.p.A., his fashion group with annual revenues of about 2.3 billion euros (2.7 billion U.S. dollars) and some 10,000 employees.
According to documents opened on Sept. 9, the Giorgio Armani Foundation, created nine years ago, now holds 100 percent of the company. The foundation must sell an initial 15 percent stake within 12 to 18 months, giving priority to global luxury groups including LVMH, EssilorLuxottica and L'Oreal, or other partners of comparable standing.
The will further requires the foundation to sell another 30 to 54.9 percent within three to five years to the same acquirer, bringing the total possible transfer to nearly 70 percent.
If no sale occurs, Armani indicated an alternative path of a stock market listing. His long-time associate Leo Dell'Orco, nephew Andrea Camerana or relative Silvana Armani may request the listing within three to five years. If they do not, the foundation is obliged to complete a listing within five to eight years.
In all scenarios, the foundation will retain no less than 30.1 percent of the company, ensuring long-term participation in governance. The will also defines different classes of shares, assigning varied voting rights among heirs, and foresee a new category once an external investor joins.
In addition to corporate instructions, Armani distributed his personal assets, including properties, artworks and securities, to relatives and close associates.
