Giorgio Armani’s will named LVMH, Luxottica and L’Oréal as the preferred buyers of his fashion empire, kicking off a competition to take control of one of the world’s largest privately held luxury brands.
The designer — who died last week aged 91 — instructed heirs including “right-hand man” Leo Dell’Orco and family members to sell an initial 15 per cent stake in the Italian group to one of the trio of larger rivals.
The handwritten will, drafted in April and made public on Friday, specified that an additional stake of between 30 per cent and 54.9 per cent should be sold to the same buyer within five years of Armani’s death.
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