His will Georgio Armani officially opened to Milanmarking a new chapter for the future of one of the most famous fashion empires in the world. The Italian creator, who passed away on September 4, left a significant part of his inheritance to his partner and close associate, Leo Del Oath, who acquires 40% of the rights of the Armani vote.
Georgio Armani’s two nephews, Silvana and Andrea, will jointly control 30% of the shares, while the rest of one third will be run by the Armani Foundation, created by the designer himself to ensure the continuation of his work, according to the will.
Flagship real estate
The designer’s sister, Rosana, both of her children inherit the deceased’s real estate companies, including luxury apartments and palaces in Milan, villas in Saint -Tropez and the Italian island of Panteleria.
Leo Del Oath acquires the usufruct of the real estate, including the famous Milan palace where Armani lived.
To open to LVMH or other giants
According to the wishes of the dressmaker, part of the Armani chapter could be sold to one of the large luxury groups. Within 18 months of the publication of the covenant, 15% should be made available to companies such as LVMH, Luxottica, L’Oréal or other corresponding range.
Three years later, an additional percentage will be sold from 30% to 54.9%, paving the way for a possible change of ownership of Armani.
Ethics
In addition to the financial elements, Armani emphasized his own legacy: He asks his house to be managed in a “moral, unproven and impeccable way”, remaining faithful to the values of elegance, innovation, quality and a modern, meaningful style.
With this covenant, George Armani leaves behind not only a huge legacy, but also a clear roadmap to preserve the soul of the house named after him.