Giorgio Armani reveals succession plan for control of fashion empire

The fashion billionaire has reportedly provided his six heirs with instructions on everything from the brand’s evolving style to IPOs and mergers.

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00:00 Sergio Armani has created a succession plan for his fashion empire.

00:03 The billionaire doesn't have any children, but he left instructions on how to split up

00:06 the company between his sister, two nieces, nephew, his long-term collaborator, and a

00:11 charitable foundation.

00:12 Armani, who is 89, has planned out everything from the brand's evolving style.

00:16 In terms of style, Armani wants his successors to search for an essential, modern, elegant,

00:21 and unostentatious style after his passing, according to Reuters.

00:24 He also left lengthy financial instructions.

00:27 Armani has given guidance on public listings for the company as well as potential mergers

00:30 and acquisitions.

00:31 These can only be put in place five years after his death.

00:34 According to a recent analysis, Armani could list on the stock market for at least $5.4

00:39 billion.

00:40 And Armani isn't the only empire to have planned his own succession.

00:43 Founders of several major family-run empires have made plans to hand over the reins to

00:47 their children or other successors, like Bernard Arnault, the CEO of LVMH, and Fox News group

00:52 Rupert Murdoch.