The renowned Italian fashion empire founded by Giorgio Armani is moving ahead with plans to distribute a 15% ownership portion among three major companies, according to reports from Italian media outlets.
The legendary designer, who passed away at age 91 last September, had previously identified three specific companies as his preferred purchasers: French luxury conglomerate LVMH, cosmetics giant L’Oreal, and EssilorLuxottica, both of which had existing business relationships with the fashion house.
According to the founder’s final wishes, the company must complete the sale of this initial 15% ownership share between 12 and 18 months following Armani’s passing.
Italian publication la Repubblica reported that current Armani CEO Giuseppe Marsocci is developing a comprehensive business strategy while working to select two financial advisers who will manage the sale process.
These chosen advisers will then present Marsocci’s five-year strategic plan to the prospective investors.
Before officially beginning the sale proceedings, the fashion house is reportedly considering dividing the 15% stake into three equal portions, according to the newspaper. This approach would ensure all three potential buyers remain actively involved from the start of the process.
When contacted for comment about these reports, an Armani company spokesperson declined to provide any statement.
