Armani's will instructs to gradually sell brand or seek IPO
Reuters · Just In
Reuters
Just In
The will of late fashion designer Giorgio Armani, who died on September 4, instructs heirs to sell a 15% stake in the Italian fashion house within 18 months and later transfer an additional 30% to 54.9% to the same buyer between three and five years after his death, according to a copy of the will reviewed by Reuters.
Breakdown
- Giorgio Armani's will instructs heirs to sell a 15% stake in the brand within 18 months. 7s
- An additional 30% to 55% stake is to be sold to the same buyer within three to five years. 13s
- The will provides an alternative option for an initial public offering. 20s
- Priority buyers include LVMH, L'Oreal, Essilor Luxottica, and other luxury groups. 26s
- Armani's company generated $2.7 billion in revenue last year, but profits have declined. 53s