Armani instructs heirs to sell 15% of his empire

MILAN -- After a lifetime of spurning would-be business suitors, the late Italian designer Giorgio Armani instructed his heirs to sell a 15% minority stake in his vast fashion empire, with priority to the French conglomerate LVMH, the eyewear giant Essilor-Luxottica or the cosmetics company L’Oreal. Armani gave control of 40% of his business empire to his longtime collaborator and head of menswear Leo Dell’Orco, and another 15% each to niece Silvana Armani, the head of womenswear, and nephew Andrea Camerana, according to his business will posted online Friday by the Italian daily La Repubblica. The Armani Foundation, which he established in 2016 as a succession vehicle, will control the remaining 30%. Armani, one of the most recognizable names and faces in Italian fashion, died on Sept. 4