Giorgio Armani’s will orders fashion brand to be sold in stages to a single buyer

The will of late fashion designer Giorgio Armani instructs heirs to sell a 15% stake in the Italian fashion house within 18 months and later transfer an additional 30% to 54.9% to the same buyer between three and five years after his death, according to a copy of the will reviewed by Reuters.

The will also states that priority should be given to luxury giant LVMH,  beauty heavyweight L’Oreal, eyewear leader EssilorLuxottica, or other groups․

Heirs should consider other fashion and luxury companies with which Armani’s company has commercial ties for a future sale.

Armani was the sole major shareholder of the company he set up with his late partner Sergio Galeotti in the 1970s.