Armani’s business value extends far beyond its roots in luxury fashion. With the late designer's name attached to high-performing beauty and eyewear licenses, analysts say these categories could prove crucial for any potential buyers.

The fashion house, founded by Giorgio Armani 50 years ago, reported revenue of €2.3 billion ($2.71 billion) last year, down 5% from the previous year, amid a global luxury slowdown and as a shift to casualwear reduced the appeal of its classic suits.

However, filings by the Italian company show that figure nearly doubles to €4.25 billion with the inclusion of sales from beauty and eyewear — products made under license since 1988 by L’Oréal and EssilorLuxottica , respectively.

Giorgio Armani's will, published last week following his death on September 4

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