LONDON, November 5. /TASS/. The heirs of the late Italian fashion designer Giorgio Armani, who control the fashion house bearing his name, have no plans to sell it to major brands and instead intend to retain control of the company through a stock market listing, Reuters reported, citing sources.

According to the report, the designer’s heirs favor listing Giorgio Armani shares on a stock exchange rather than selling the company to a major industry player. Unlike earlier scenarios that envisaged transferring control to a single buyer, the heirs now intend to distribute a minority stake among several investors, thereby preventing the emergence of a dominant shareholder. The leading contenders for stakes in the company are French cosmetics giant L’Oreal and Franco-Italian eyewear group EssilorLuxottica.

Giorgio Armani, the founder of the fashion house, died in September last year at the age of 91. His will stipulated that 15% of the company’s shares be sold within 18 months of his death. If, after fulfilling this requirement, the family decides against transferring the remaining controlling interest to a single strategic investor, the will mandates a public listing of the company’s shares within three to eight years of the founder’s death.