MILAN — Whatever the market scenario, a potential acquisition of a stake in the Giorgio Armani Group is likely to stimulate bidding wars and have banks chomping at the bit to have a slice of that pie.
September is fast approaching and it’s a month that could see the group begin the sale process, in accordance with the late designer’s will. While no official mandate has been assigned, Rothschild & Co. is expected to be the adviser chosen by the group, given the longtime relationship of Irving Bellotti, partner of the banking group, to the designer. He is also a member of the board of the Giorgio Armani Foundation.
A market source, who spoke on condition of anonymity, downplayed the Bloomberg report on Tuesday that the group had tapped Boston Consulting Group. “It’s a non-news; any company that is in the process of selling or buying turns to experts for guidance, whether financial, fiscal or legal. Clearly, the management and the Armani heirs want the group’s enterprise value to be correctly measured, especially in this uncertain market,” the source said. “This signals that they are beginning to turn their attention to the sale.”
Since the opening of the will following the death of the designer on Sept. 4, 2025, speculation has been circulating over the possible future of the company. But chief executive officer Giuseppe Marsocci in April told WWD that the group was “following the strategic path and founding guidelines indicated” by Armani, who had everything “clearly mapped out” in his will.
“For the first 12 months after his death, we were expected to set the governance and I can say it was all done in a speedy manner,” said Marsocci, who was named to lead the company in October.
A new board was appointed in November with Leo Dell’Orco, Armani’s longtime partner in charge of the men’s division, named chairman with 40 percent of the voting shares. Other board members include Armani’s niece Silvana, named women’s creative director, and his nephew Andrea Camerana; Marsocci; Marco Bizzarri; former Armani top executive John Hooks; Federico Marchetti, and Angelo Moratti.
In his will, Armani gave instructions that after 12 months from the opening of the will and within 18 months at the most, an initial 15 percent of his namesake company could be sold to either LVMH Moët Hennessy Louis Vuitton, EssilorLuxottica or L’Oréal — the latter two the group’s eyewear and beauty licensees, respectively. The late designer did not rule out other companies besides those three, as long as they operate in the world of fashion and luxury and are of equal standing.
Armani also stated that, between the third and fifth years after the opening of the will, the Armani foundation and the heirs could choose to sell a stake of between 30 and 54.9 percent to the same buyer of the first group of shares, or in five years and within eight, to consider a public listing in Italy as a priority but also on other markets of equal standing.
Whatever the outcome, the foundation would keep a 30.1 percent stake of the group to ensure its control and to guarantee the respect of the founding principles.
A Milan-based source contended that the heirs may be mulling the idea of offering a 5 percent stake to each of the groups — LVMH, EssilorLuxottica and L’Oréal.
“There could be two reasons for this option. The first would be that each group would take a first step inside the Armani group and better evaluate its potential, leading to a congruous offer for the rest of the stake. The other reason would be that the management and the foundation would show that there is no bias or preference toward one buyer in particular, aiming for complete transparency,” the source said.
For sure, EssilorLuxottica and L’Oréal are interested parties in light of the lucrative and longtime licenses with the Armani Group. The Armani fragrance and beauty license is a jewel in the crown of L’Oréal’s Luxe division, where it has been a “billionaire” brand since 2017.
LVMH rarely buys minority stakes but it is no secret chairman and CEO Bernard Arnault courted Armani as far back as 1999, although the designer opted to maintain the independence of his group.
