Giorgio Armani‘s will has been published and the complex document instructs his heirs to eventually sell control of the business to one of a trio of the biggest names in fashion and beauty.

The will instructs his heirs to sell a 15% stake in the Italian fashion house within 18 months and then transfer another 30%-54.9% to the same buyer between three and five years after his death. As an alternative, to this approach, Armani said his heirs should opt for an initial public offering.

So which are the three companies? Priority will be given to luxury giant LVMH, beauty behemoth L’Oréal, and eyewear giant EssilorLuxottica. But other groups could also be in the frame as the will tells the heirs to consider businesses with which Armani’s company has commercial ties.

Armani established his company in the 1970s with his late partner Sergio Galeotti and controlled it until the very end. With no children, the Giorgio Armani Foundation will essentially own the main fashion business, but the multi-billion-euro group actually passes to a variety of heirs.

They include the foundation, but also Armani’s partner and right-hand man Pantaleo dell’Orco, his three grandchildren and sister Rosanna. 

It’s a complex set-up and none of the parties has complete control with dell’Orco assigned 40% of the voting rights in the fashion company, the Foundation having 30% and family members holding the rest, although non-voting shares were assigned to his niece Roberta Armani and sister Rosanna Armani.

But as mentioned, the percentages will change within a maximum of 18 months as the heirs sell a stake to one of the three named companies or “to other companies or corporate groups identified by itself with the agreement of Leo [dell’Orco]”. 

Armani had wide business interests including a vast amount of property, a theatre, a basketball team, restaurants and much more. Aside from the main company, Rosanna Armani and nephews Andrea Camerana and Silvana Armani inherit other properties, with dell’Orco also recognised there. Armani’s almost-2% stake in EssilorLuxottica is also divided between dell’Orco and family members with smaller stakes left to his other collaborator and friend Michele Morselli plus Daniele Ballestrazzi, Giuseppe Marsocci, Laura Tadini and Luca Pastorelli.

Importantly, Armani also stipulated in his will that his company should be managed “in an ethical manner, with moral integrity and fairness”, that “the pursuit of an essential, modern, elegant and unostentatious style” is key, along with “attention to innovation, excellence, quality and product refinement.”