Source: Sharecast
The will, which was drafted in April and made public on Friday, said an initial 15% stake should be sold to LVMH, Italian sunglasses maker EssilorLuxottica or French beauty giant L’Oreal within 18 months.
An additional stake of between 30% and 54.9% should then be sold to the same buyer within five years, it continued.
If the sale fails to go through, however, Armani said his heirs should seek an initial public offering.
Armani’s heirs include long-term business and life partner Pantaleo Dell’Orco and family members. He did not have any children.
Armani, who died last week aged 91, founded his eponymous fashion house in 1975. It went on to become one of fashion’s biggest names, worth an estimated €23bn. Brands include Emporio Armani, the high-end Armani Prive label and a lucrative beauty line, among others.
Armani kept a tight control of the business throughout his life, and resisted any attempts either to dilute his holding or take the company public. He was chief executive and creative director at the time of his death.
In 2024, the business generated earnings of €398m on revenues of €2.3bn, both down year-on-year. The wider luxury industry is battling a number of headwinds, including higher costs and weaker global demand.
Both L’Oreal and Luxottica have licensing agreements with Armani, for perfumes and eyewear respectively.
LVMH’s extensive brand portfolio includes Christian Dior, Givenchy, Moet & Chandon, Bulgari and Hublot.
