Late designer Giorgio Armani has instructed heirs to gradually sell the fashion brand he created 50 years ago or seek a stock market listing, his will said, marking a surprising turn for a company highly protective of its independence and Italian roots.

The will, reviewed by Reuters, states heirs should sell an initial 15% stake in the Italian fashion house within 18 months and later transfer an additional 30% to 54.9% stake to the same buyer between three and five years after Armani's death. The designer, known in the industry as "King Giorgio," died on Sept. 4 at 91 and with no children.

The will also says that priority should be given to luxury giant LVMH , beauty heavyweight L'Oreal , eyewear leader EssilorLuxottica or another group of "equal standing" i

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