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Core Viewpoint - The will of the late fashion designer Giorgio Armani outlines a structured plan for the future ownership of his fashion empire, prioritizing LVMH, L'Oréal, and EssilorLuxottica as potential buyers for the company's shares [3][4][6]. Group 1: Sale Structure - The will specifies an initial sale of 15% of the company to one of the three designated buyers, followed by a potential sale of an additional 30% to 54.9% within five years [3][6]. - If the phased sale does not materialize, the company may consider going public as an alternative [6][8]. - The will aims to ensure strategic continuity, company cohesion, and financial stability during the transition [6]. Group 2: Potential Buyers - LVMH's CEO Arnault expressed strong interest in acquiring Armani, highlighting the brand's significance in the fashion industry [7]. - L'Oréal stated it feels honored to be considered for the acquisition and will carefully evaluate the opportunity, noting a long-standing partnership with Armani since 1988 [7]. - EssilorLuxottica also expressed pride in being considered and will assess the potential investment through its board [7]. Group 3: Internal Transition - The internal power transition has begun, with Leo Dell'Orco, responsible for menswear, playing a key role in future decisions and holding 30% of the company's shares and 40% of the voting rights [10]. - Other heirs include Roberta Armani, Silvana Armani, Andrea Camerana, and Rosanna, with the Giorgio Armani Foundation tasked with selecting a new CEO [11]. Group 4: Company Performance - The Armani Group reported stable revenue of approximately €2.4 billion last year, facing stagnation due to declining demand for formal wear among younger consumers and a general slowdown in the luxury goods sector [3][12].