Armani's equity may be sold, who will take over?

The will clearly outlines the sale plan for Armani, which is divided into two phases: within 18 months after Giorgio Armani's death, the heirs must sell an initial 15% stake in the brand; in the following 3 to 5 years, they must transfer an additional 30% to 54.9% of the shares to the same buyer, achieving a gradual transfer of control. At the same time, the will also provides an alternative plan: if the above sale plan fails, the heirs should immediately initiate an initial public offering (IPO) to take the Italian family brand to the capital market. In the will, the Giorgio Armani Foundation and his trusted assistant Pantaléo Delorco together hold 70% of the voting rights in the Armani Group, and if the company eventually goes public, the foundation will retain 30.1% of the shares. Regarding potential buyers favored by Giorgio Armani, the will also provides a detailed reference list, with LVMH Group, L'Oréal, and eyewear giant EssilorLuxottica being the top priorities, which is in stark contrast to Giorgio Armani's long-standing firm refusal to dilute control or take the group public. Notably, the will also encourages heirs to consider including other fashion and luxury companies that have business dealings with the Armani Group in future sale considerations; as long as they are discerning, major giants could become the next "lucky buyers."