Explainer-Armani after Giorgio Armani: key details of his will

Core Insights - Giorgio Armani's will instructs heirs to gradually sell his fashion empire, surprising the industry [1] - The Giorgio Armani Foundation will hold a 10% direct stake in the company, providing it with 30% of voting rights [1] - The new ownership structure will see Pantaleo Dell'Orco as the largest shareholder with 40% voting rights [2] Ownership Structure - The remaining shares will be distributed among family members and Dell'Orco, with specific voting rights assigned [2][3] - After the sale of 15% of the company, Dell'Orco will retain 40% voting rights despite a reduced capital stake [5] Sale Instructions - The foundation is instructed to sell 15% of the fashion house within 18 months, prioritizing LVMH, L'Oreal, and EssilorLuxottica as potential buyers [4] - The buyer of the 15% stake will gain 15% of voting rights and the ability to appoint a board member [5] Post-Sale Ownership - Following the sale, the foundation's voting rights will decrease, but it will maintain veto power over major decisions [5] - The revised ownership structure post-sale will see Dell'Orco with 20% capital and 40% voting rights, while family members will have varying capital and voting rights [6]