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last mo.

Armani Wills Put Foundation in Full Ownership, Give Dell’Orco 40% Voting Power, and Order 18‑Month Stake Sale

A staged plan directs the foundation to enlist a permitted industrial partner within 12 to 18 months to safeguard the brand’s identity and independence.

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Overview

  • The Fondazione Giorgio Armani becomes owner of 100% of Giorgio Armani S.p.A., with 9.9% in full title and the remaining 90% in bare ownership as set out in the handwritten wills.
  • Voting rights are allocated with 40% to Pantaleo “Leo” Dell’Orco, 30% to the foundation, and 15% each to Silvana Armani and Andrea Camerana, while Rosanna and Roberta Armani receive non‑voting shares.
  • The wills require an initial 15% sale within 12–18 months to a listed luxury group such as LVMH, EssilorLuxottica or L’Oréal, followed by a further 30%–54.9% transfer in years three to five, with an IPO alternative within five to eight years and a bar on financial funds.
  • Personal assets are precisely divided, including major real estate via L’Immobiliare Srl (with life usufruct for Dell’Orco), an EssilorLuxottica stake allocated largely to family with 40% to Dell’Orco, and named share and cash bequests to long‑time collaborators.
  • The two secret, handwritten testaments were opened on 9 September by notary Elena Terrenghi, and the company confirmed Armani’s final Emporio and Giorgio shows and a Brera exhibition will proceed at Milan Fashion Week.