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The will of the great Italian fashion designer Giorgio Armani has been opened in Milan, revealing his wishes for the control and management of his famous house. The legendary designer has died at the age of 91, just weeks before his house's planned 50th anniversary celebration at Milan Fashion Week.
The news of his death was announced on Thursday, September 4, with "infinite sadness," the fashion house said in a statement.
According to the will, Giorgio Armani's partner and close collaborator, Leo Dal'Orco, will have 40% of the voting rights in the fashion house. 30% will go to the designer's granddaughters, Silvana and Andrea, and the remaining 30% to the foundation created by Armani.
As for the company that manages his real estate, the owners will be his sister, Rossana, and his two nieces. The property includes properties in Milan, villas in Saint-Tropez and the Italian island of Pantelleria, while Leo Dall'Orco will have the usufruct of them, including the residence in the Italian capital where Armani lived.
The will also stipulates that within 18 months of its publication, 15% of the house must be sold to a group with comparable power, such as LVMH, Luxottica or L'Oreal. Three years later, an additional percentage of 30%-54.9% can be sold, leaving open the possibility of a future change of ownership of the internationally renowned house.
Giorgio Armani requests in his will that the house be managed "ethically, impartially and without any flaw", with an emphasis on maintaining a contemporary and essential style, elegance, innovation and quality.
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