Giorgio Armani’s will has revealed his top choices for potential buyers of his legendary fashion empire, setting the stage for a high-stakes competition that involves some of the biggest names in luxury. Upon his passing at 91 on September 4, the famed designer named LVMH, Luxottica, and L’Oréal as his preferred candidates to take over his vast brand.

In the handwritten will made public on September 12, Armani outlined the sale of an initial 15% stake in his Italian group to one of these industry giants. But the deal doesn’t stop there; within five years of his death, the buyer would also be expected to acquire an additional stake ranging from 30% to 54.9%!

What happens if the sale doesn't go through? Armani made it clear that if no buyer emerges, his heirs — managed through the Giorgio Armani Foundation — should consider going public with the company. It's a bold move for the empire that oversees iconic brands such as Emporio Armani, Armani Exchange, and the luxe Armani Prive.

For decades, L’Oréal has been Armani's trusted ally, having held a licensing deal since 1988 for the wildly successful Acqua di Gio fragrance. Meanwhile, eyewear titan EssilorLuxottica is responsible for producing and distributing Armani’s stylish eyewear.

Interestingly, Armani’s will also leaves the door open for other commercial partners to step in as potential buyers, highlighting his desire to ensure the continuity and legacy of his brand.

This isn’t just business; it’s deeply personal for Armani. Earlier this year, he expressed his reluctance to let a French conglomerate dominate his legacy. He wanted a new leadership that resonated with his values, even acknowledging that changes would need to occur posthumously.

Industry insiders have long speculated that the company might not remain independent forever, despite the foundation's original purpose of safeguarding its future. LVMH’s Bernard Arnault has publicly praised Armani as a fashion genius, creating buzz that a collaboration could elevate both brands.

In light of Armani’s passing, both L’Oréal and EssilorLuxottica have officially expressed interest in exploring this monumental opportunity. While they acknowledge the chance to shape the future of a beloved label, it comes amidst challenges; the brand reported stable revenues of around €2.4 billion (approximately $2.82 billion) last year, as it faced a slowdown in formalwear popularity among younger consumers.

Armani’s trusted partner Leo Dell’Orco, who also leads the men's style division, has a decisive role ahead, holding 30% of shares and considerable voting rights. With no direct heirs, the future of the empire will rest in the hands of family members Roberta and Silvana Armani, as well as nephew Andrea Camerana and sister Rosanna.

As the Giorgio Armani Foundation gears up to choose a new CEO, the luxury world waits with bated breath to see who will emerge victorious in this iconic designer’s quest to safeguard his legacy.