Armani’s will sets the stage for the sale of his fashion empire in a surprise twist.

LVMH, L’Oreal and EssilorLuxottica or another group of ‘equal standing’ were named as potential buyers

Late designer Giorgio Armani instructed heirs to gradually sell the revolutionary fashion house he created 50 years ago or seek a market listing, his will said, setting off a race to control one of the world’s best-known brands and a major shift for a company highly protective of its independence and Italian roots.

The designer, known in the industry as “King Giorgio”, died on September 4 at 91 with no children to inherit his fashion empire, which industry analysts value at between €5 billion and €12 billion (US$5.9 billion and US$14 billion).

The will says that priority should be given to luxury conglomerate LVMH, beauty heavyweight L’Oreal, eyewear leader EssilorLuxottica or another group of “equal standing” identified by a foundation the designer set up to preserve his legacy with the agreement of Armani’s business and life partner Pantaleo Dell’Orco.

All three companies named issued statements suggesting they were open to the possibility of a deal.