Armani's partner Dell'Orco to head foundation that will play key role in sale, document shows [Yahoo! Finance]
ESSILOR LXTTCA UNSP/ADR (ESLOY)
NASDAQ:AMEX Investor Relations:
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Source: Yahoo! Finance
house's future and eventual planned sale, will be led by the late designer's partner and close confidante Pantaleo Dell'Orco as chair, a document seen by Reuters on Tuesday showed. Dell'Orco was left the largest portion of the company and main voting share when Armani died last month. He will head the board along with one of Armani's nephews and three independent members, according to a foundation filing obtained via a freedom of information request. The foundation is key to Armani's succession plan. His will unveiled the shock order to gradually sell the firm he founded to potential buyers including LVMH, L'Oreal and EssilorLuxottica, or seek a market listing. The designer, known in the industry as "King Giorgio", died on September 4, aged 91. He left the company to his heirs and the Foundation, which was set up in 2016 and chaired by Armani himself until his death. The foundation controls 30% of the voting rights of his business empire. It was created to protect Armani's leg
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