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.