Fashion legend Giorgio Armani requested in his will, published after his death on September 4 at the age of 91, that a significant luxury group acquire a stake in his company, naming LVMH, EssilorLuxottica, or L’Oréal as potential buyers, AFP reported.

The Italian designer, who over five decades built his empire—from haute couture to hotels—had always maintained strict control over the business. In his will, however, he instructed the foundation that inherits the company to sell a 15% stake to a major fashion house.

Armani named the French giant LVMH, the cosmetics group L’Oréal, and eyewear manufacturer EssilorLuxottica as preferred buyers, but also allowed for another company of similar scale.

L’Oréal, which has produced Armani perfumes and cosmetics since 1988, said it was “moved and honored,” while LVMH CEO Bernard Arnault called Armani a “true genius” and emphasized that he was “honored” by the mention. He added that in the event of a partnership, LVMH would seek to further strengthen its global leadership.

According to the will, the new shareholder will be able to acquire a majority stake within three to five years after its opening. If no deal is reached, Armani requested that the company be listed on the stock exchange, with the Armani Foundation retaining 30.1% of the shares. The executive committee assured that the foundation will wield strong influence regardless of the chosen option and will never hold less than 30% of the capital.

These principles include an ethical approach, moral integrity and fairness, global development of the Armani name, innovation, top quality, refinement of products, and the pursuit of a modern, elegant, and discreet style.

Armani’s net worth was estimated at $11.8 billion by Forbes at the time of his death. With no children, the designer bequeathed his entire company to the foundation, which will be managed by his partner Leo Dell’Orco, his niece Silvana Armani, and his nephew Andrea Camerana.

The foundation will hold 10% of the shares and the remainder as “bare ownership”—ownership without usufruct. It will have 30% of the voting rights, 40% will go to Dell’Orco, and 15% each to Silvana Armani and Andrea Camerana. “Mr. Armani’s intention to guarantee strategic continuity, corporate unity, and financial stability for long-term development is confirmed at every step,” the company stated.

The designer’s real estate was bequeathed to his sister Rosanna and his nephews, but Dell’Orco retains the right of use of properties in Saint-Tropez, St. Moritz, as well as on the islands of Antigua and Pantelleria.

Armani died after months of deteriorating health, and his remains were laid to rest in the family tomb in Rivalta, near Piacenza, where he was born. His death sparked a wave of tributes in the fashion world, among politicians and celebrities, but only close relatives and friends attended the funeral.

His final collections will be presented this month during Milan Fashion Week, and on September 24 an exhibition will open in the city marking the 50th anniversary of the brand’s creation. | BGNES