Armani Group soon to be under LVMH flag?
Giorgio Armani's death on September 4 at the age of 91 marked the end of an era and the starting point for much speculation about the future of his brand, founded just fifty years ago. The Italian designer retained full ownership of his empire until the end. Childless, he had made it known that he wanted his nieces, Silvana and Roberta Armani, his nephew Andrea Camerana, and Leo Dell'Orco, his longtime collaborator, to run all of his brands: from fashion to the lucrative perfumery, licensed by L'Oréal, as well as furniture (Armani Casa), hotels (Armani Hotels & Resorts), and gastronomy (Armani Dolci).
A dramatic turn of events took place this week with the revelation of the contents of the designer's will, in which he ultimately demanded that his heirs gradually sell the brand or seek to float it on the stock market. According to Reuters, the document stipulates that an initial 15% stake in the Italian fashion house must be sold within the next eighteen months, followed by an additional 30% to 54.9% stake to be transferred to the same buyer within three to five years of Armani's death.
Libération
