The late Giorgio Armani’s will has instructed his heirs to gradually sell their shares of his eponymous fashion empire, marking a stunning reversal for the famously independent label. The designer, who died on Sept. 4 aged 91, has no children and left no direct heirs. A directive in his will has since stipulated that his successors must sell an initial 15 percent stake of their shares within 18 months, followed by a further 30-55 percent to the same buyer within three to five years. In a surprising directive, the will also names luxury titans LVMH, L’Oreal, and EssilorLuxottica as high-priority potential buyers, marking a stark contrast to Armani’s lifelong refusal to cede control of his empire and its Italian roots. It is not yet clear what would happen if any of the designated successors refused to sell their stake in the empire. The Armani group has had commercial partnerships with both L’Oreal and EssilorLuxottica, both of which have expressed interest in acquiring the brand. “We’re proud of the consideration our group and its management received from Mr Armani,” an EssilorLuxottica spokesman told Reuters, who said they would “carefully assess” the development. Analysts, however, believe LMVH, controlled by billionaire Bernard Arnault, may ultimately prevail in the succession war.
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