The Giorgio Armani Foundation‭, ‬key to the Italian fashion house's future and eventual planned sale‭, ‬will be led by the late designer's close confidante Pantaleo Dell'Orco as chair‭, ‬a document seen by Reuters 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 ‬per cent of the voting rights of his business empire‭. ‬It was created to protect Armani's legacy‭. ‬Armani's business partner Dell'Orco already controls 40‭ ‬per cent of the luxury group's voting rights‭. ‬Alongside him on the board will be Armani's nephew Andrea Camerana‭, ‬who holds 15‭ ‬per cent of the company's voting rights‭.‬

However‭, ‬a majority of the board is made up of non-family members‭: ‬Rothschild banker Irving Bellotti‭ ‬-‭ ‬who was already a director‭ ‬-Legance lawyer Andrea Silvestri and Milanese notary Elena Terrenghi‭.‬

The Foundation will play a central role in shaping governance decisions and ownership changes at the fashion house‭, ‬which will also require the agreement of the external advisors on the board‭.‬

Under the foundation's bylaws‭, ‬the five board members must unanimously approve key decisions‭, ‬such as voting at extraordinary shareholders'‭ ‬meetings of the luxury group‭.‬

Armani's will instructed the heirs to sell a 15‭ ‬per cent stake in the group‭, ‬with priority given to luxury conglomerate LVMH‭, ‬beauty heavyweight L'Oreal‭, ‬eyewear leader EssilorLuxottica or another group of‭ ‬“equal standing”‭ ‬identified by the Foundation and with the agreement of Dell'Orco‭. ‬The will also directs heirs to sell the initial 15‭ ‬per cent stake within 18‭ ‬months‭. ‬Subsequently‭, ‬they are to transfer an‭ ‬additional 30‭ ‬per cent to 54.9‭ ‬per cent to the same buyer within three to five years or‭, ‬alternatively‭, ‬pursue an initial public‭ ‬offering‭.‬

The Foundation is also tasked with proposing the name of the fashion group's new CEO‭, ‬the company's executive committee said last month‭.‬

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