Core Insights - Iconic Italian fashion designer Giorgio Armani maintained tight control over his brand for 50 years and never took the company public, remaining the sole major shareholder until his death at age 91 [1] - Armani's will includes stipulations that require his heirs to either sell their stakes in the company or seek to list it on the stock market, which surprised the fashion industry [2][4] Company Ownership and Succession - Pantaleo Dell'Orco, Armani's life partner, will retain a 40% stake in the company as per the will [1] - Within 18 months of Armani's death, heirs must sell an initial 15% stake to a select group of luxury conglomerates, including LVMH, L'Oreal, or EssilorLuxottica [3] - An additional sale of 30% to 54.9% must occur within three to five years, or the heirs can opt to publicly list the company instead [4] Brand Preservation - A foundation established to uphold the brand's founding principles will retain a 30% stake in the company, regardless of any sale or public listing [5]