MILAN — Italian fashion house Giorgio Armani is considering selling a 15-percent stake in three equal parts following the designer's death, potentially bringing in three buyers he had selected as shareholders, a newspaper reported on Sunday.
Armani, who died at 91 last September, had named French luxury group LVMH and two commercial partners — beauty products maker L'Oreal and EssilorLuxottica — as preferred buyers for the company.
Based on the founder's will, the sale of an initial 15-percent stake in the group must take place within 12-18 months of his death.
Italian daily la Repubblica reported, without citing sources, that Armani CEO Giuseppe Marsocci is preparing a business plan as he moves to appoint two advisers to oversee the sale.
The advisers would then share Marsocci's five-year business plan with potential investors.
Ahead of the formal launch of the process, the group was considering splitting the 15-percent stake in three parts, the paper said, adding this would help keep all three buyers engaged in the initial phase.
A representative for Armani said the group had no comment on the report.
Observers and analysts see the potential stake sale as a sign of a strategic succession and ownership transition for Armani as the company is seeking to secure long-term stability and maintain relationships with key luxury and beauty partners after the founder’s passing.
L’Oréal has been a long-standing licensing partner for Armani Beauty, while EssilorLuxottica manages the brand’s eyewear business and LVMH remains a major player in the luxury industry.
