In a twist, Armani's will sets stage for sale of fashion empire

LATE DESIGNER GIORGIO Armani has instructed heirs to gradually sell the fashion brand he created 50 years ago or seek a stock market listing, his will said, marking a surprising turn for a company highly protective of its independence and Italian roots.

- REUTERS

The will, reviewed by Reuters, states heirs should sell an initial 15% stake in the Italian fashion house within 18 months and later transfer an additional 30% to 54.9% stake to the same buyer between three and five years after Armani's death. The designer, known in the industry as "King Giorgio", died on September 4 with no children to inherit his fashion empire.