New Leadership in Giorgio Armani's Legacy: Pantaleo Dell'Orco Steps Up

The Giorgio Armani Foundation, a key element of the late designer's succession plan, has appointed Pantaleo Dell'Orco as chairman. The Foundation, which controls significant voting rights in Armani's business, plays a crucial role in determining leadership succession and potential stake sales, with possibilities for partnerships with LVMH or others.

The Giorgio Armani Foundation, established in 2016 as a cornerstone of the late designer's succession plan, has appointed Pantaleo Dell'Orco, Giorgio Armani's business and life partner, as its new chairman, according to a document reviewed by Reuters.

The Foundation's board includes Rothschild banker Irving Bellotti, Giorgio Armani's nephew Andrea Camerana, notary Elena Terrenghi, and Legance lawyer Andrea Silvestri. Armani, affectionately known in the industry as 'King Giorgio', passed away on September 4 at the age of 91. Under his leadership, the Foundation held 30% of the voting rights in his business empire.

The Foundation is tasked with proposing a new CEO for the fashion group. Armani's will also requires that a 15% stake in the group be sold, with preference given to prominent entities such as luxury conglomerate LVMH, beauty giant L'Oreal, or eyewear leader EssilorLuxottica, pending agreement with Dell'Orco.

(With inputs from agencies.)