The late designer, who passed away at 91 earlier this month, left behind a detailed will that sets up a potential landmark sale of Giorgio Armani SpA starting with a 15% stake, rising to a full-blown takeover in three years. The three shortlisted suitors? LVMH (LVMHF), L'Oreal, and EssilorLuxottica each with deep ties to the Armani ecosystem and more than enough firepower to absorb the 57 billion valuation suggested by Berenberg analysts.

— Read more in Armani's $7 Billion Farewell: Is LVMH About to Snatch the Last Great Independent? at Yahoo! Finance.