MILAN (Reuters) - The will of late fashion designer Giorgio Armani instructs heirs to sell a 15% stake in the Italian fashion house within 18 months and later transfer an additional 30% to 54.9% to the same buyer between three and five years after his death, according to a copy of the will reviewed by Reuters.

In alternative, an initial public offering should be pursued, the will said. 

The will also states that priority should be given to luxury giant LVMH, beauty heavyweight L'Oreal, eyewear leader EssilorLuxottica or other groups.

Heirs should consider other fashion and luxury companies with which Armani's company has commercial ties for a future sale.

  Armani was the sole major shareholder of the company he set up with his late partner Sergio Galeotti in the 1970s and over which he maintained a tight rein - both creative and managerial - until the very end.    He has left behind no children to inherit the business, which generated relatively stable revenue of 2.3 billion euros ($2.7 billion) in 2024, but whose profits have shrunk amid a broad industry recession.

(Writing by Elisa Jucca and Alvise Armellini, editing by Giulia Segreti and Tomasz Janowski)