The future of Giorgio Armani's empire is coming into sharper focus a year after the designer's death. On the runway in Milan, his signature elegance defined the latest collection previewed on Sunday, while behind the scenes, discussions are set to begin over the sale of a stake, as stipulated in his will.

Stake Sale Terms Set by the Will

Armani gave preference to LVMH, L'Oréal and EssilorLuxottica as potential buyers of a 15% stake in his fashion empire, to be sold within 18 months of his death on Sept. 4, 2025, at the age of 91 — a window that closes in early March 2027. The three suitors sit at the top of the global luxury, beauty and eyewear industries: LVMH is the world's largest luxury group, L'Oréal the world's largest beauty company and EssilorLuxottica the dominant force in eyewear. L'Oréal and EssilorLuxottica already produce Armani-branded products under long-running licenses for beauty and eyewear, respectively, while Armani himself kept the Milan house, founded in 1975, independent for his entire career — making it one of the last major privately held names in Italian luxury. How the 15% is apportioned among outside buyers will shape the governance of that empire going forward.

Chief Executive Giuseppe Marsocci told reporters backstage at the runway show that there were no favorites among the three, and that the stake could potentially be divided among all of them.

“It is not written in stone that there has to be one,” he said.

Under the terms of the will, discussions could begin only after the first anniversary of Armani's death. Marsocci declined to confirm whether they had started. “The assumption” that talks were underway “may have some logic,” he said.

Attention has also turned to the house's creative future following the recent appointment of Dario Vitale as head of accessories at Giorgio Armani and creative director of Emporio Armani. His runway debut has not yet been confirmed.

Asked whether Vitale's role could expand, Marsocci said everything was evolving. “From here into the future, you never know,” he said.

Armani's 'Evolution' on the Runway

The womenswear collection for next spring and summer deliberately mixed daywear with evening looks, with sparkle running through both. Lean, fluid trousers and long dresses shaped the silhouette, often paired with rigid bodices. Silver and gold accents were applied generously, and for younger dressers there were interpretations of hoodies worn with Bermuda shorts. The collection was titled “Evolution.”

“It evolved in the sense that it is fashion that everyone can wear,” said Silvana Armani, the late designer's niece and longtime head of womenswear.

She departed from her uncle's legacy in one significant way: incorporating cotton, a textile she said he disliked but which she “adores.”

The designer's presence was felt most concretely in two pieces: a recreation of the formal double-breasted Communion suit Armani wore at age 8, and a graphic jacket bearing his image.

Trotter Lightens Bottega Veneta

Louise Trotter's third collection for Bottega Veneta — the Kering-owned house whose intrecciato weave has served as its signature for decades — brought the amplified proportions of her first two outings down to size, lightening both silhouette and materials.

After extending the sculptural volumes of Matthieu Blazy's era across her first two collections, Trotter moved closer to the controlled ease associated with Tomas Maier — without surrendering the visual exuberance of contemporary Bottega.

She transferred some of the drama to oversized raffia intrecciato bags that resembled huge natural-fiber shields, some completely encircled by fringe.

For the garments, Trotter streamlined the silhouettes using natural materials and the lightest leather she could find. As the collection progressed from spring to summer, the British designer said she wanted to evoke southern Europe's changing seasons through a sense of “disrobing” and “optimism, which I think we feel as we move to summer.”

One standout floral dress was constructed from long loops of uncut fringe, its printed image breaking apart and recomposing with every step like a flickering flip book. Intrecciato skirts featured feather inserts, a slip dress was covered in three-dimensional leather flowers, and peplum-hemmed knit tops were densely embroidered in multiple colors.

The trick with Trotter's looks was that so much is happening at once that it is hard to pin down the techniques being employed, offering a rich visual experience.

“I really wanted to express craft, which is our language, it's our logo, but I wanted to do it with the lightest of hand possible,” she said backstage after Saturday evening's show.

Front-row guests included Julianne Moore and Travis Scott, while Kendall Jenner — an aunt of Scott's children — closed the show.

This story was originally featured on Fortune.com.