In partnership with
Giorgio Armani
Giorgio Armani's will has kicked off a competition to take control of one of the world's largest privately held luxury brands.
Why it matters: The designer, who was the sole shareholder in his group, has set a clear path for a sale, potentially reshaping the landscape of high fashion.
"Things would inevitably change."
Driving the news: The will of Giorgio Armani, who died last week aged 91, was made public on Friday and instructed his heirs to sell the company.
He named French giants LVMH and L'Oréal, along with eyewear maker EssilorLuxottica, as the preferred buyers.
Other existing commercial partners could also be considered.
The Deal Details:
An initial 15% stake is to be sold to one of the preferred companies.
An additional stake of between 30% and 54.9% must be sold to that same buyer within five years of his death.
The backup plan: If a sale fails, his heirs should opt for a market listing.
The big picture: This represents a shift for the designer, who in 2023 said he wanted to avoid being "dominated by one of these mega structures that lack personality".
Who's in charge: 🧑⚖️
Armani's "right-hand man" and partner, Leo Dell'Orco, is set to play a major role in the group's future.
The will gives Dell'Orco 30% of the company's shares and 40% of the voting rights.
Other heirs include
his nieces, Roberta and Silvana Armani, and
his nephew, Andrea Camerana, who all work for the company.
What's next: The heirs must now navigate the sale process outlined in the will, setting the stage for one of luxury's biggest players to acquire the iconic Italian fashion house.
🎯 Utah authorities have identified 22-year-old Tyler Robinson as the suspect in the shooting death of conservative activist Charlie Kirk.
Robinson is in police custody following a manhunt that began after Kirk was killed on Wednesday.
Why it matters: The assassination of a major political figure has shocked a country already grappling with deep political fissures. The event is part of a recent and disturbing wave of political violence in America.
"We got him…There is one person responsible for what happened here and that person is now in custody".
🏛️ Driving the News: A breakthrough in the case came when a family member of Robinson's contacted a family friend, who then alerted authorities.
The surrender: Robinson's "family and a friend" were instrumental in helping to bring him into custody. President Trump noted the suspect's father and a minister were involved in turning him in.
The evidence: Investigators found a Mauser model 98 bolt-action rifle, believed to be the weapon used. They also recovered unfired casings with engraved messages, including:
"Hey, fascist! Catch!"
"bella ciao," a reference to an Italian anti-fascist song.
The motive: According to a family member, Robinson had become "more political in recent years". Robinson had recently discussed Charlie Kirk with a relative, mentioning his dislike for him and "the viewpoints that he had".
"I hope he gets the death penalty"
The Bottom Line: Authorities have stated they have no information that would lead to additional arrests at this time.
Prosecutors in Utah, where capital punishment is legal, are expected to pursue the death penalty. President Trump has announced he will attend Kirk's funeral service.
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Why it matters: Russia's central bank is cutting interest rates to prop up a cooling wartime economy, but the smaller-than-expected cut signals deep-seated economic troubles as the war in Ukraine enters its fourth year.
By the numbers:
👇 Rate Cut: The benchmark interest rate was lowered by 1 percentage point to 17%.
📉 Third Time: This marks the third rate cut since June.
🤔 Less Than Hoped: Most economists in a Bloomberg poll had forecast a larger 2-percentage-point reduction.
🔥 Inflation Peak: Inflation soared to 18% in April 2022 due to sanctions, military spending, and labor shortages.
⬇️ Inflation Now: Tight monetary policy helped lower year-on-year inflation to below 9% in July.
Economic Slowdown: After growing more than 4% in 2023 and 2024, annual GDP growth fell to 1.1% in the second quarter of this year.
The big picture: The Russian economy is caught between several pressures - weaker oil prices, slowing growth, and a strong rouble are forcing tough decisions for the state.
The economic boom fueled by military spending and high energy earnings has faded, with the economy beginning to slow in late 2024.
What’s next: Several factors are fueling renewed inflationary pressure.
Rising fuel prices from Ukrainian drone attacks on Russian refineries are hitting consumers and creating broader costs.
The government is considering raising the value-added tax to 22%, which would lead to higher prices.
The government is set to present its 2026 budget this month, but state spending is unlikely to decrease.
The bottom line: Despite Russian President Vladimir Putin’s claims of a "soft landing," the nation faces a difficult balancing act between funding a war, taming inflation, and staving off a deeper economic slide.