MILAN, May 10 (Reuters) – Italian fashion house Giorgio Armani is considering selling a 15% 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 […]
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Armani could split 15% stake among L’Oreal, LVMH, EssilorLuxottica, report says
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MILAN, May 10 (Reuters) – Italian fashion house Giorgio Armani is considering selling a 15% 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% 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% 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.
(Reporting by Valentina ZaEditing by Bernadette Baum)