The will of late Italian fashion legend Giorgio Armani has been made public!
Armani who passed away last week at the age of 91 instructed his family to gradually sell off his vast luxury empire.
According to Armani's will, which was released by Italian media on Friday, September 12, his fashion business will be shared between his close family and the Armani Foundation which he created in 2016.
As per Sky News, Armani's will directs that 15% of his company must be sold within 18 months after his death, preferably to LVMH, L'Oreal or Essilor-Luxottica.
Additionally, between 30% and 54.9% of the company should be sold to the same buyer within five years.
Armani's longtime partner, Pantaleo Dell'Orco will received the largest portion of the company (30%), control 40% of the voting rights and serve as the head of the Armani foundation.
In addition to this, Armani's sister Rosanna, her son Andrea and the two daughters of his late brother, Silvana and Roberta, will each receive 15% of the company's share.
While, the Armani Foundation will get 10% of the shares with 30% of the voting power.
Throughout his life, Armani had always refused outside investors and remained the only owner of the Armani Group until his death.
As per the outlet, if the company can't be sold to one of the preferred buyers or a similar company, Armani's will says it should be listed on the public stock market as an alternative.
Meanwhile, the Italian eyewear company Essilor-Luxottica announced that it is open to exploring the possibility of buying shares of the Armani group.