Late founder instructs heirs to gradually sell stakes in fashion house with priority given to LVMH, L’Oréal or EssilorLuxottica
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The Italian fashion house Giorgio Armani could soon be sold or become a publicly listed company, according to the late founder’s will.
The fashion designer, who died last week at the age of 91, has said in his will that he wants his heirs to sell a 15% stake in the business within 18 months.
And three to five years after that he has instructed that an additional 30% to 54.9% stake be sold to the same buyer, according to a copy of the will reported on by Reuters.
