With Giorgio Armani’s will, the famous fashion brand goes public
According to a Reuters report, Giorgio Armani, the founder of the brand who has passed away, stipulated in his will the sale or public offering of its shares.
The Armani fashion brand had resisted the giants of the fashion industry for years, but this situation is likely to change.
According to Armani’s will, the family-owned company based in Milan must gradually be sold. This decision represents a major shift for the brand, as this Italian fashion designer had always emphasized his independence and Italian roots.
Armani passed away last week at the age of 91. He had no children.
Based on a version of the will obtained by Reuters on Friday, September 12, the heirs are required to sell 15% of the company’s shares within 18 months.
Three to five years after Armani’s death, another 30 to 54% of the shares must be transferred to the same buyer.
The will also states that as an alternative, an initial public offering on the Italian stock exchange or another equivalent market should be pursued.