Giorgio Armani, the legendary Italian designer who passed away on Sept. 4 at the age of 91, left a will instructing his heirs to either gradually sell the brand or pursue a listing, Reuters reported.
According to the document, an initial 15% stake in the fashion house should be sold within 18 months of the founder’s death. Then, within three to five years, an additional stake of between 30% and 54.9% should be sold to the same buyer. As per the will, French luxury group LVMH, cosmetics giant L’Oréal and Franco-Italian eyewear company EssilorLuxottica should be prioritized or...