MILAN, Italy: Giorgio Armani, the legendary Italian designer who built one of fashion's last great independent empires, left detailed instructions for how his company should be run and partially sold after his death.

The 91-year-old died on September 4, and two wills, one for his business empire and one for his personal estate, were deposited with Italian tax authorities this week and reported widely.

At the center of the succession plan is the Armani Foundation, created in 2016 to safeguard the group's long-term independence. According to the company's executive committee, the foundation will hold a permanent 30 percent stake and act as "a guarantor of compliance with the founding principles. " Its priority will be to name a new CEO, with oversight from Armani's trusted lieutenant, Pantaleo Dell'Orco, and members of the family.

However, Armani also wanted outside investors to have a role. His will stipulates that the foundation sell a 15 percent stake within 18 months of his death, with preference given to major industry players such as LVMH, Essilor-Luxottica, or L'Oréal, and that the stake be gradually increased to as much as 54.9 percent within three to five years, either through the same buyer or via an IPO in Italy or another leading market.

Armani's relatives are also featured in the plan. His niece, Roberta, and sister, Rosanna, were each allotted 15 percent non-voting shares. Meanwhile, his vast personal wealth — which includes homes in Milan, New York, St. Tropez, and the island of Pantelleria — will be divided among family and close associates. His 2.5 percent stake in Essilor-Luxottica, worth around 2.5 billion euros (US$2.93 billion), will go mainly to Dell'Orco and family members.

The fashion house stressed in a statement that the succession plan confirmed Armani's "intention to safeguard strategic continuity, corporate cohesion and financial stability for long-term development."

Both wills were rewritten last spring, partly by hand on the back of a sepia-colored envelope, underlining Armani's personal involvement.

The final collections he designed for Emporio Armani and Giorgio Armani will debut later this month at Milan Fashion Week, coinciding with a special exhibition at the Pinacoteca di Brera to mark the brand's 50th anniversary. Armani's will directs that future collections remain rooted in the values that defined his career: "essential, modern, elegant and understated design with attention to detail and wearability."