Fashion icon Giorgio Armani's heirs to sell stake in his $2.7B brand, favoring luxury giants.

Italian fashion designer Giorgio Armani instructed his heirs to sell a 15% stake in his fashion brand, with preference to luxury giants like LVMH, Essilor-Luxottica, or L'Oreal. The Armani Foundation, established in 2016, will control 30% of the company, ensuring continuity. If no sale occurs, the company may be listed on the stock market. Armani, who died at 91, left 40% to his collaborator Leo Dell'Orco and 15% each to his niece and nephew. His company generated $2.7 billion in revenue last year but faces declining profits.