Unexpected turn: Armani's will set a course for the sale of the fashion empire.

A will shows that the late designer Giorgio Armani instructed his heirs to gradually sell his fashion brand founded 50 years ago, or seek an IPO. This move is a surprising turn for a company highly protective of its independence and Italian roots. The will stipulates that the heirs should sell an initial 15% stake in the Italian fashion company within 18 months, and transfer an additional 30% to 54.9% of the shares to the same buyer three to five years after Armani's death. Armani passed away on September 4 at the age of 91, with no children to inherit his fashion empire. The will also specifies that priority should be given to selling shares to luxury goods giant LVMH, beauty conglomerate L'Oreal, eyewear leader Luxottica, or other groups deemed to be of "equal standing" by a foundation set up by Armani. As an alternative option for selling the second batch of shares, the will states that an IPO should be sought in Italy or other equivalent markets.