PARIS, Sept 13 — French luxury giant LVMH said yesterday said it was honoured to be named as a potential partner in the will of designer Giorgio Armani, in which the designer revealed he favoured the gradual sale of his business empire to a larger peer.

“Giorgio Armani honours us by naming us as a potential partner for the exceptional fashion house he has built ... If we were to work together in the future, LVMH would be committed to further strengthening its presence and leadership around the world,” LVMH chairman and CEO Bernard Arnault said in a statement.

The will, which was opened earlier yesterday, instructs Armani’s heirs to sell an initial 15 per cent stake in the Italian fashion house within the next 18 months, followed by an additional 30 per cent to 54.9 per cent chunk at a later stage.

The document states that priority should be given to LVMH, beauty company L’Oreal or eyewear firm EssilorLuxottica. — Reuters