Giorgio Armani bequeathed his heirs to sell his brand

Giorgio Armani's heirs will be able to either take his company public or sell it. This is stated in the Italian fashion designer's will, reports La Repubblica.

Armani ordered the sale of 15% of Giorgio Armani S.p.A. within 18 months after his death, and in the subsequent three to five years - another 30% to 54.9% to the same buyer.

The designer indicated global leaders in the luxury goods segment as priority buyers - L'Oreal, LVMH and EssilorLuxottica.

Additionally, the heirs may conduct an initial public offering in Italy or in another major market.

In his will, Armani specified the distribution of shares: 40% of voting shares went to his associate and partner Pantaleo Dell'Orco, 30% to the Fondazione Giorgio Armani foundation, established in 2016, and 15% each to his nephew and niece, who managed different areas of his business. Other relatives inherited non-voting shares.