In his will made public on Friday, fashion icon Giorgio Armani revealed his desire for a major luxury group to acquire a 15% stake in his multi-million-euro empire. Armani, who passed away on September 4 at the age of 91, named LVMH, L'Oreal, and EssilorLuxottica as his preferred buyers, though he was open to similar companies.

Armani’s company spans high fashion to hospitality, and he had maintained strict control over it for decades. Should a sale not materialize, he requested the company be listed on the stock market, with his foundation retaining 30.1% of the shares.

L’Oreal, which has collaborated with Armani on perfumes and cosmetics since 1988, expressed gratitude for being considered, while the designer's foundation will retain strong influence over strategic decisions.

Armani’s will also outlined the future governance structure, with Leo Dell'Orco and family members overseeing the company’s day-to-day operations.

Armani’s estimated $11.8 billion net worth was bequeathed to his foundation, which will hold 10% of the shares. His real estate assets were passed to his sister and other relatives. The designer’s final collections will be showcased at Milan Fashion Week later this month, marking 50 years of the Armani brand.

Source: NDTV