Giorgio Armani SpA is considering selling a 15% minority stake in three 5% tranches to L’Oréal, LVMH and EssilorLuxottica, according to Italian publication la Repubblica.
The move is part of a succession plan tied to the will of founder Giorgio Armani, who passed away on 4 September 2025.
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Armani CEO Giuseppe Marsocci is preparing a five-year business plan to be presented to investment banks that will help select advisers and potential investors from 9 September.
Under the will, a 15% stake must be sold within 12 to 18 months of its reading, with priority given to companies named by Armani: LVMH, EssilorLuxottica, L’Oréal, or another fashion or luxury group of similar standing.
Any choice would require the approval of Leo Dell’Orco, Armani’s longtime partner and heir to a 40% holding in Giorgio Armani SpA.
The sale process has not formally started, but the group is expected to appoint at least two advisers, with Rothschild seen as a likely candidate.
Splitting the stake among the three named groups is said to be under review to preserve strategic flexibility while the company executes the founder’s vision of a “democratic” luxury house spanning categories from EA7 and Emporio Armani to Armani Privé.
EssilorLuxottica and L’Oréal are regarded as natural contenders given their long-running licensing ties with Armani, extending to 2037 for eyewear and 2050 for beauty and fragrance.
LVMH has also shown interest in a minority position in the brand.
Armani’s will also outlines a second step: between 2028 and 2030, the company could pursue an IPO or sell a further 30% to 54.9% stake to the same buyer that took the initial holding.
The Armani Foundation is set to retain 30.1%.
The three potential investors would offer different strategic profiles, according to the report.
EssilorLuxottica would likely remain a financial investor while L’Oréal would deepen an already profitable beauty partnership.
Meanwhile, LVMH would bring broader luxury-sector expertise and a track record of minority investments in Italian brands.
