Giorgio Armani's will, details of which were made public on Friday, dictates that his fashion brand should be sold to another giant in the luxury sector or listed on the stock exchange.
    The great Italian designer, who died aged 91 last week, did not have any children to leave the fashion house to.
    The will said that a foundation will take ownership of Giorgio Armani Spa, with 9.9% going to it in direct ownership, while 90% is split in bare ownership between Pantaleo Dell'Orco, the designer's partner and right-hand man, his sister Rosanna, his two nieces, Silvana and Roberta Armani, and his nephew, Andrea Camerana.
    Dell'Orco will have 40% of the voting rights in the Armani group, with 30% of the rights going to the foundation and 15% each going to Silvana Armani and Camerana.
    Roberta and Rosanna Armani get non-voting shares.
    The will says that 15% of the group's capital must be sold within 18 months, with LVMH, L'Oreal and EssilorLuxottica named as the preferred buyers.
    It said the same buyer should have the chance to acquire an additional 30% to 54.9% stake to gain control between three and five years after Armani's death.
    Alternatively, the group should be listed on the stock exchange within five to eight years.
    The foundation's stake should not go below 30.1%, the will states.
    The will says the foundation should manage the company "in an ethical manner, with moral integrity and fairness" and seek "essential, modern, elegant and unostentatious style" while paying "attention to innovation, excellence, quality and product refinement".
    Giorgio Armani left 75% of L'Immobiliare Srl, the company that owns his villas in Saint Tropez, Antigua, Broni and Pantelleria, to his sister Rosanna, Camerana and Silvana Armani.
    Dell'Orco, however, is given the right to use the properties.
   
   

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