Armani's will lays path to buyout by major fashion group

Milan, Italy: Giorgio Armani asked in his will made public Friday for a major fashion group to take a stake in his luxury company, citing LVMH, Essilo...

Milan, Italy: Giorgio Armani asked in his will made public Friday for a major fashion group to take a stake in his luxury company, citing LVMH, EssilorLuxottica or L'Oreal as potential buyers.

The Italian fashion legend, who died on September 4 aged 91, had kept strict control of the multi-million-euro empire he built up over five decades, which ranged from haute couture to hotels.

But in his will, excerpts of which were published by the Italian press, he said that the foundation which inherits the company should sell a 15 percent stake to a major fashion house.

He named French luxury giant LVMH, cosmetics group L'Oreal and eyewear firm EssilorLuxottica as his preferred buyers, although another of similar stature would also be acceptable.

The sale should take place after a year. The new shareholder would then have the possibility of taking a majority stake in the group within three to five years of the opening of the will on Thursday.