FT learns of Armani talks to sell stake after founder's death

Armani is planning to hold formal talks with LVMH, L’Oréal and EssilorLuxottica in the coming weeks on a possible sale of a minority stake. This is reported by the Financial Times (FT) with reference to sources familiar with the issue.

The sale is provided by the will of the founder Giorgio Armani. The heirs must sell the original 15% of the company within 18 months of the designer's death, giving priority to LVMH, L'Oréal, EssilorLuxottica or a comparable buyer in status. In the previously published design of the transaction, the package was supposed to be transferred to one of the applicants.

Meetings are expected to be held in late September or early October. The talks were initially expected in June, but were postponed due to management restructuring and the development of a new strategy after the death of the company's founder Giorgio Armani, the sources said.

One option informally discussed involves splitting a 15 percent stake between all three groups, four FT officials said. At the same time, people close to potential investors considered it unlikely that they would make a large investment in Armani in the near future.

According to the newspaper, LVMH expressed interest in participating in the process. However, the group believes that Armani does not quite fit its portfolio: a significant part of sales are for lower-priced products, and the business is more dependent on clothing than on more marginal accessories.

EssilorLuxottica is unlikely to acquire a large stake, according to FT sources, as it is focused on medical technology and expanding its business in the US. The company produces Armani glasses under a license valid until 2038. L’Oréal, whose contract for Armani cosmetics and perfumes is valid until 2050, remains a priority.

Another obstacle may be the evaluation of the company. People close to Armani called the amount about €10 billion, while potential investors estimate the fashion house at €3-7 billion.

“The biggest shadow” that hangs over the negotiations, one of the interlocutors of the FT called the figure of the founder of Armani.

“The problem is not to sell Armani. The problem is to show that Armani can grow without Giorgio Armani, he said.

LVMH is the largest group in the global luxury goods market. It includes fashion houses Louis Vuitton, Christian Dior, Celine, Fendi and Givenchy, jewelry brands Bulgari and Tiffany, beverage manufacturers Moët & Chandon and Hennessy, as well as the Sephora chain. LVMH revenue in 2025 was €80.8 billion.

L'Oréal specializes in cosmetics, perfumes and care products. The group’s portfolio includes 40 international brands, including L’Oréal Paris, Lancôme, Yves Saint Laurent Beauté, Maybelline, Garnier, CeraVe and La Roche-Posay. L'Oréal's 2025 sales reached €44.05 billion.

EssilorLuxottica manufactures lenses, frames and sunglasses, and operates optics and eyewear retailers. The band owns Ray-Ban, Oakley, Persol and Oliver Peoples, Sunglass Hut and LensCrafters. EssilorLuxottica's 2025 revenue was €28.5 billion.

After three to five years, the same buyer must purchase another 30 to 54.9% of the shares. An alternative will calls the release of Armani on the stock exchange. The Giorgio Armani Foundation must retain at least 30.1 percent of the shares under any scenario.

Giorgio Armani died on September 4, 2025 at the age of 91. A month later, Giuseppe Marsocci, who had worked for Armani for more than 20 years, was appointed the group’s chief executive officer.

In September 2026, the band appointed Dario Vitale as Creative Director of Emporio Armani and the Giorgio Armani accessories line. He was the first person not from the Armani family to hold the position.

Group revenue in 2025 was €2.19 billion, down 2.8% excluding currency fluctuations. EBITDA increased by 3.2%, to €152.7 million, follows from the company’s data published by ANSA.