Overview
- A copy of Giorgio Armani's testament published Friday mandates a 15% sale within 12 to 18 months, with the buyer allowed to lift its holding to 30%–54.9% three to five years later.
- Preferred candidates for the initial stake include LVMH, L'Oréal and EssilorLuxottica, or comparable partners with which Armani already has business ties.
- If no acceptable buyer emerges, the plan calls for a stock market listing, with the Giorgio Armani Foundation retaining roughly 30% of the company.
- Voting rights are allocated as 40% to Leo Dell'Orco, 30% to the foundation, and 15% each to Silvana Armani and Andrea Camerana, who are empowered to execute the sale or listing.
- L'Oréal said it will assess a potential 15% purchase with great care, noting its long-running Armani perfumes and cosmetics license dating to 1988.