Armani's succession plan: Sale of company shares mandated in will

More information is emerging about the future of the late designer Giorgio Armani's company. New reports state that his heirs must sell a share of the company or initiate a stock market listing.

News agency Reuters has seen a copy of the will. It states that the heirs must sell a 15 percent share within 18 months. At a later stage (between three and five years after Armani's death), an additional 30 to 54.9 percent must be sold to the same buyer.

Armani was also clear about the possible candidates. Priority should be given to luxury group LVMH, beauty group L'Oréal, Italian eyewear giant EssilorLuxottica or other groups. The will also states that the heirs should consider companies with which Armani had commercial ties.

Designer Giorgio Armani passed away on September 4 at the age of 91.

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