Armani dies at 91 as the will signals stake sale to major groups

Giorgio Armani, the Italian designer who died on September 4 at age 91, was laid to rest this week in a private funeral in Rivalta, the village where he was born, even as his will set in motion plans that could end the long-standing independence of the fashion house that bears his name. Family members, close friends and a select group of colleagues attended the service at the church of San Martino, Italian media reported, after the designer's wooden casket had been displayed over the weekend at the Armani headquarters in Milan.

Armani’s will directs the foundation that will inherit control of the company to sell an initial stake of about 15 percent to a major industry group within roughly a year to 18 months, naming LVMH, L’Oreal and EssilorLuxottica as preferred buyers, according to excerpts of the document published by Italian outlets. The will gives the selected buyer the option to acquire a further 30 to 54.9 percent between three and five years after the first sale, or alternatively calls for an initial public offering in Italy or an equivalent market.

Documents reviewed by international news agencies and reported domestically also say the foundation set up to preserve...