Armani Will Directs Sale of Italian Luxury House to Larger Group

Giorgio Armani’s will outlines plans to sell a stake in his closely held fashion house to a major luxury firm, setting in motion a process to eventually fold the Italian brand into a larger group.

The documents published Friday direct his heirs to sell an initial stake of 15% in Giorgio Armani SpA to one of three preferred buyers — LVMH Moet Hennessy Louis Vuitton SE, EssilorLuxottica SA or L’Oréal SA — or a company of similar standing within 18 months, according to a copy obtained by Bloomberg News. The buyer could then raise its holding to a ...