Details of the will of late fashion designer Giorgio Armani have been revealed which set out plans for the succession of his company, Reuters reports.

The will instructs heirs to sell a 15% stake in the Italian fashion house within 18 months and later transfer an additional stake to the same buyer between three and five years after his death, or pursue an initial public offering, the news agency said, citing the will.

Newsweek contacted the Armani Group by email seeking comment.

Why It Matters

According to Forbes, Armani had a net worth of $12.1 billion. At the cornerstone of his wealth is the Giorgio Armani fashion empire, which was founded in 1975. Before his death, he was both the CEO and sole shareholder of the company.

Shortly before his death, Armani outlined the succession pla

See Full Page