According to a copy of Giorgio Armani’s will examined by Reuters, the late fashion designer’s heirs were directed to sell 15% of the Italian fashion house within 18 months and then give the same bidder an extra 30% to 54.9% of the company between three and five years following his passing.
The will stated that an IPO should be sought as an option.
The will also specifies that the leading eyewear company EssilorLuxottica (ESLX.PA), the luxury behemoth LVMH (LVMH.PA), the cosmetics powerhouse L’Oreal (OREP.PA), and other organizations should be given precedence.
For a potential sale, heirs had to take into account other luxury and fashion brands that Armani’s business has partnerships with.
