The Armani Group may split the 15% stake that is up for sale equally among its preferred buyers, as the company moves closer to implementing the wishes of founder Giorgio Armani, La Repubblica reported on Sunday.
L’Oreal SA, EssilorLuxottica SA and luxury group LVMH Moët Hennessy Louis Vuitton SE, which were mentioned as preferred buyers in Armani’s will, may each get a 5% stake in the Italian company when the process formally starts, the paper said, without citing its sources. The report said the sale hasn’t kicked off yet.
A spokesperson for Armani declined to comment on the report.
In his will, Armani instructed the Milan-based company to find a strategic partner to purchase an initial 15% stake within 18 months, with the possibility of raising it to as much as nearly 70% within five years. Listing was also mentioned as an alternative.
The process is being led by Chief Executive Officer Giuseppe Marsocci, who was named in October. He’s pledged to maintain the legacy of Armani, who died in September aged 91, as the company studies a potential investment by a larger group, as directed in the founder’s will, amid disruptions that have roiled the luxury sector.
Rothschild may be selected as adviser for the process, which has not formally started, Repubblica said Sunday.
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