Giorgio Armani's will puts fashion brand on the block

Zoom in: His heirs (via a foundation) are directed to sell an initial 15% stake within 18 months, with three priority suitors listed: EssilorLuxottica, LVMH, or L'Oreal.

• Then there would be two additional divestitures to the same buyer at intervals of three and five years after Armani's death, with the final stake sale to be 54.9%.
• If no buyer emerges, then the heirs are to take the company public.

Go deeper, via the FT: "Although Armani was able to maintain his grip over his company until the very end, the group's revenues struggled to grow, remaining stable at about €2.4bn last year amid younger consumers shunning the label's staple formalwear and a wider luxury industry slowdown."