Late designer Giorgio Armani instructed heirs to gradually sell the fashion house he created 50 years ago or seek a market listing, his will said, setting off a race to control one of the world’s best-known brands and a major shift for a company highly protective of its independence and Italian roots. The designer, known in the industry as “King Giorgio”, died on Sept 4 at 91 and with no children to inherit his fashion empire, which industry analysts value at between five billion and 12bn euros ($5.9bn-$14bn).

The will, comprising two documents filed with a notary in March and April this year, states heirs should sell an initial 15 per cent stake in the Italian fashion house within 18 months of Armani’s death. They should later transfer an additional 30 to 54.9pc stake to the same buyer between three and five years after the designer’s death.

The will also says that priority should be given to luxury giant LVMH, beauty heavyweight L’Oreal, eyewear leader........

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