Why did Giorgio Armani abandon 50 years of independence in his final will?

In his final act, Giorgio Armani opened the door to a possible sale of the company he founded and nurtured for 50 years.

The Italian fashion mogul, who died earlier this month at age 91, directed his heirs in his will 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 of documents published Friday and obtained by Bloomberg News.

Should his heirs agree, that buyer would then have the opportunity to raise its stake to a majority after three years, according to the will. As an alternative, Armani could be listed on a public stock market. Analysts at Berenberg value the company at up to $8.2 billion.

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