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Marsocci assumes the role previously held by founder Giorgio Armani

'Armani’s aesthetic rigour is also an ethical rigour, like that of the greats of the past'

Will instructs heirs to sell 15% stake within 18 months, then up to 54.9%

Armani stores to close in the afternoon as a mark of respect

Known as 'Re Giorgio', Armani was synonymous with Italian style; he had been unwell, forced to miss Milan's Men's Fashion Week in June

With no children to pass it on to, there has been speculation about the long-term future of Armani's empire