This came across as a surprise to many as Armani was well known for keeping the company independent and refusing to sell it to larger brands throughout his 50 year run in the company since its founding in 1975.
Armani’s partner Pantaleo Dell’Orco was also appointed as head of The Giorgio Armani Foundation on Wednesday who will take the reigns with carrying out the systematic sale of the company in accordance with the will.
The foundation controls 30% of the firm’s voting rights, and was created as a way to safeguard the iconic designer’s legacy. Having been in established in 2016 and headed by Armani himself before his death, the foundation will now be administered by Dell’Orco, one of Armani’s nephews and three independent members, reports said.
