The fashion company of the late designer Giorgio Armani will be inherited by his foundation. Armani’s life partner, Pantaleo dell’Orco, will have the final say in the management of the company, receiving 40 percent of the voting rights. This was reported this morning by the ANSA agency, citing the text of the will that Armani wrote several months before his death. According to Forbes magazine, Armani was the fourth richest Italian.
The foundation will take over the company
According to the text of the will, which was opened by a notary on Thursday, the Giorgio Armani Foundation will be entrusted with the entire capital of Giorgio Armani Spa. The company owns businesses operating in the fashion industry, founded by the famous designer. In his last will and testament, Armani instructs the foundation to sell 15 percent of the company’s capital to one of the major fashion groups LVMH, EssilorLuxottica, L’Oreal, or another similar company within 18 months of the will being opened. Armani also wants his company to maintain a “strict, modern, elegant, and unpretentious style” in the future.
Armani, who died last week at the age of 91, also entrusted voting rights in the company to some of his close relatives. Dell’Orco will receive 40 percent of the voting rights, while his grandchildren Silvana Armani and Andrea Camerana will each receive 15 percent. The foundation, which is managed by Dell’Orco and Armani’s relatives, will have 30 percent of the votes. Dell’Orco, who already works for the company, will have a major influence on its future.
Armani divided his billion-dollar fortune
Armani also divided his other assets, which consist of shares, luxury real estate in Europe and America, and works of art, among his life partner, relatives, and some close associates.
Forbes magazine ranked Armani as the fourth richest Italian. At the beginning of the year, it estimated the value of his assets at approximately $12 billion, while Italian media estimates put the value at between €11 and €13 billion.
Source: Reuters
