Giorgio Armani, who died at the age of 92, bequeathed to his heirs the right to sell the brand or float shares on the public market, the ANSA news agency reported .
Since the designer has never been married and has no children, he divided his inheritance between his partner Pantaleo Dell’Orco and his closest relatives. The designer left 40% of the shares to his partner, 30% to the Fondazione Giorgio Armani, which he created in 2016, and 15% each to his nephew and niece, who headed different areas of the business. The rest of the relatives received shares without the right to vote. In total, his fortune is estimated at 11-13 billion euros.
At the same time, Armani ordered that the fund representatives should sell 15% of the company’s capital in 12-18 months, and another 30-54.9% to the same buyer in the next three to five years. Another option is to take the company public in five to eight years. Giorgio also noted who he sees as buyers. Among them are famous luxury brands: L’Oreal , LVMH and EssilorLuxottica.
It also became known that the designer’s houses and villas in Milan, Saint-Tropez, New York and Pantelleria went to his sister Rosanna and nephews, but only as “bare property”. They can sell them or pass them on by inheritance, and Pantaleo Dell’Orco will use the property. He will be able to live in these houses, manage them and receive income.
Let us recall that Giorgio Armani died last Thursday. According to sources, the designer died surrounded by his loved ones. According to the latest information, the cause of death was liver failure.
