Giorgio Armani has stipulated in his will that his fashion house must be sold to a luxury company. The recent deceased Italian fashion designer Wanted the Group He founded to Become part of a Larger Group After His Death.
The Will was Made Public on Friday. It States That The Armani Foundation, The Foundation That Manages The Fashion Group, Must Sell An Initial Stake of 15 Percent of the fashion house to Louis Vuitton Parent Company LVMH, Eyewear Group Essilorluxottics, Cosmetics SIYSE L’ORYE L’ORYE L’Ory Months.
In the years that follow, another 30 to 55 percent of the company must be sold to the same party, paving the way for a full takeover of Armani. An IPO is another option that the deceased designer mentions in His will.
The Late Armani Left His Family Business to His Foundation, Family Members and Partner Leo Dell’orco. Dell’orco was his right-hand man and will initiate play a key role. The Heirs Will Now Decide who can take over the majority of the fashion house.
Armani Kept His Company Independent, Despite The Wave of Mergers and Acquisitions That Have Profoundly Changed The Fashion Industry in Recent Years. In a weird interview last year, he indicated that he was open to a merger or ipo if he was to leave the company.
His Death Comes at a Difficult Time for the Luxury Goods Industry, which is Struggling with us Trade Tariffs and Waker Demand for Luxury Goods in China.