One year after the death of King George, the leaders of Giorgio Armani are preparing to meet in the coming weeks LVMH, L'Oréal, and EssilorLuxottica to discuss the possible sale of a 15% minority stake indicated by the designer in his will. This was revealed by Financial Times, according to which the options on the table include not only the sale of the share to a single buyer, but also its division between three groups.
Giorgio Armani's will
Il founder's will of the group establishes what the future of Giorgio Armani should be. Based on what is foreseen, within 12 months-18 months from the death of the late designer, which occurred on September 4, 2025, the Foundation will have to sell 15% of Armani Spa's capital "as a priority to one of the LVMH Group, the EssilorLuxottica Group, the L'Oreal Group," "or to other companies or corporate groups identified by the same with the agreement of Leo" Dell'Orco, the document states. After this first tranche of the sale and "starting from the third year and within the fifth year from the date of the opening of the succession," a further share equal to a minimum of 30% up to a maximum of 54,9% of the capital. With this "second tranche", the buyer could thus reach an absolute majority of the maison. There is also a plan B: in the event that the sale of the shares does not go through, the option will be the listing on the stock exchange of the fashion group.
The possibility of 5% each for LVMH, L'Oréal and Essilux
“No one wants to jump into the deal, but no one wants to miss it. This way, everyone can sit at the table negotiations,” said a person close to the matter when asked by Ft Citing sources close to the three suitors, the paper downplays the likelihood of them making a substantial short-term investment in a group with interests ranging from fashion and haute couture to hotels, restaurants, and home furnishings. This is especially true given that the talks—which, according to the British newspaper, are expected to begin between late September and early October—will take place against a backdrop of a prolonged decline in spending in the luxury sector. In 2025, Armani's revenues fell for the second consecutive year, recording a decrease of 2,8% to 2,19 billion euros, after the 5% decline recorded in 2024. However, EBITDA increased by 3,2%, reaching 153 million euros, thanks to cost reductions and the improved performance of the Armani Privé line.
Returning to the sale, an option informally discussed with Armani includes the division of the 15% share between LVMH, L'Oréal, and EssilorLuxottica. "Nowhere is it written that it has to be a single investor," he confirmed on Sunday. the CEO Giuseppe Marsocci, appointed to lead the group a month after the death of King George, speaking on the sidelines of the Giorgio Armani fashion show,
The manager explained that no decisions have yet been made and declined to comment on rumors regarding possible contacts with investors other than those listed in the will. Marsocci stated that the fashion house intends to respect the timeline set by the founder, although any transaction is contingent on reaching an agreement on "price and details."
Three different strategies
Secondo Reuters, Essilor Luxottica It would only be interested in a limited stake and could evaluate a transaction together with other investors. L'Oréal, tied to Armani by a beauty agreement until 2050, has indicated that it will evaluate the opportunity when the process is formally started, but the beauty group's priority would be above all to protect the lucrative licensing agreement with Armani, in force until 2050,
lvmh Instead, it would have examined the possibility of an independent investment, even if integration might not be immediate or a given.
An obstacle, in all three cases, could be the price: sources close to the group have hypothesized a figure of around 10 billion euros, while potential investors estimate its value between 3 and 7 billion euros.
