Overview

• Giorgio Armani’s testament compels the foundation that inherits his company to sell a 15% stake within 12 to 18 months, with priority to LVMH, EssilorLuxottica or L’Oréal.
• The selected buyer will have an option three to five years after the will’s opening to acquire an additional 30% to 54.9% of the capital, potentially gaining control.
• If no strategic sale is executed, the instructions require an IPO with the Armani foundation retaining 30.1% of the shares.
• Voting rights are defined as 40% for Leo Dell’Orco, 30% for the foundation, and 15% each for Silvana Armani and Andrea Camerana, tasking them with steering the process.
• L’Oréal said it is honored to be considered and will study a stake, while the Armani group declined to comment as the sale window opens following this week’s reading of the will.