A few weeks after the death of legendary designer Giorgio Armani, the process of selling his fashion empire began. Representatives of the Armani Group have started negotiations with potential buyers regarding the sale of a minority stake, in accordance with the founder’s will, as outlined in his will. Among the companies approached is cosmetics giant L’Oréal. This is reported by Reuters, citing three sources.
The sale process is taking place according to the clear instructions that Giorgio Armani, who passed away on September 4, left in his will. According to the document, the heirs must:
- Sell an initial stake of 15% of the company’s shares within 18 months of his death.
- Subsequently, sell an additional stake of 30% to 55% of the shares to the same buyer or consider the possibility of listing the company on the stock exchange (IPO).
The will also lists priority buyers. The preference is to be given to one of three giants: the fashion conglomerate LVMH (owner of Louis Vuitton and Dior), the cosmetics company L’Oréal, or the eyewear manufacturer EssilorLuxottica. All three companies have previously expressed their interest publicly.
The provisions of the will are legally binding in Italy and can be challenged in court if not realized.