ARMANINO FOODS DIST.NEW05

Giorgio Armani's will stipulates that the heirs must sell 15 percent of the fashion house within 18 months and can transfer a further 30 to 54.9 percent to the same buyer three to five years after his death, so that up to 70 percent could go to an external company. Thirty percent will remain with the Armani Foundation, which is also to oversee the house's style. Life partner Leo Dell'Orco receives 40 percent of the voting rights; a stock market listing is planned if no suitable buyer is found. » Mere på faz.net

Giorgio Armani stipulated in his will that 15 percent of the family business should be sold within 18 months, followed by a further 30 to 54.9 percent to the same buyer three to five years after his death. Priority buyers are LVMH, alternatively L'Oreal, EssilorLuxottica or other business partners; as an alternative an IPO in Italy or an equivalent market is foreseen. The Fondazione Giorgio Armani and Pantaleo Dell'Orco together hold 70 percent of the voting rights; in the event of an IPO the foundation would retain 30.1 percent. Real estate arrangements go to family members. » Mere på tagesschau.de

A small circle of family members, friends and close employees privately bade farewell to Giorgio Armani in Rivalta near Piacenza; he died at the age of 91. Thousands had earlier paid their respects at the casket in Milan; among the visitors were prominent figures from the fashion industry and Italian public life. Out of respect for Armani, the Armani group's stores were closed from 3:00 p.m. until the end of the day; the group operates more than 600 boutiques worldwide. » Mere på de.investing.com