MILAN (AP) — The late Italian designer Giorgio Armani instructed his heirs to sell an initial 15% stake in his fashion empire. In his will, he prioritized French conglomerate LVMH, eyewear giant Essilor-Luxottica, or cosmetics company L’Oreal. Armani gave 40% control to his collaborator Leo Dell’Orco, and 15% each to his niece and nephew. The Armani Foundation will control the remaining 30%. Armani died on Sept. 4 at the age of 91. His business will, rewritten last spring, specifies selling the stake within 18 months. Armani’s final collections will be presented at Milan Fashion Week, starting Sept. 23, marking the 50th anniversary of his fashion house.
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