MILAN — Late designer Giorgio Armani instructed heirs to gradually sell the revolutionary 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 September 4 at 91 with no children to inherit his fashion empire, which industry analysts value at between 5 billion and 12 billion euros ($5.9 billion-$14 billion).

The will says that priority should be given to luxury conglomerate LVMH, beauty heavyweight L’Oreal, eyewear leader EssilorLuxottica or another group of “equal standing” identified by a foundation the designer set up to preserve his legacy with

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