Core Insights - The will of the late designer Giorgio Armani indicates a significant shift for the brand, mandating the gradual sale of the company or an IPO if necessary [1][2] - The will outlines a two-phase plan for the sale of shares, starting with a 15% stake within 18 months and an additional 30% to 54.9% over the next 3 to 5 years [1] - Potential buyers listed in the will include LVMH, L'Oréal, and EssilorLuxottica, marking a departure from Armani's previous stance against dilution of control [2] Company Overview - Giorgio Armani passed away at the age of 91, leaving no children, with his estate managed by family members [1] - The brand is known for its independence and Italian style, but is facing challenges with a projected 6% revenue decline to €2.3 billion and a 69% drop in operating profit to €67 million for 2024 [2] Industry Implications - The execution of Armani's will by the heirs could lead to significant changes in the luxury fashion industry, potentially triggering a new wave of consolidation [2] - The will encourages heirs to consider other fashion and luxury companies for potential sales, broadening the scope of possible transactions [2]