Giorgio Armani Group is weighing a three-way split of an initial 15% stake among LVMH, L'Oréal and EssilorLuxottica - the three buyers its late founder named in his will - as the Milan-based house prepares to formally launch a succession-driven ownership process, Italian daily La Repubblica reported on Sunday, without citing sources.
Each of the three groups - already named as preferred buyers in Armani's will - could acquire a 5% holding once the formal sale process gets underway, with the equal split designed to keep all three parties engaged during the initial phase of what is likely to be a multi-year ownership transition.
Giorgio Armani died in September 2025 at age 91, leaving behind one of Italian fashion's last remaining founder-controlled houses and a detailed blueprint for what should happen to it.
Under the terms of his will, Armani instructed the company to find a strategic partner to purchase an initial 15% stake within 18 months of his death, with the possibility of raising that holding to nearly 70% within five years - a timeline that places the formal launch of the process no later than early 2027, though Sunday's report suggests preparations are already well advanced.
Italian daily La Repubblica reported that chief executive Giuseppe Marsocci is preparing a business plan and moving to appoint two advisers to oversee the sale, with those advisers set to present Marsocci's five-year plan to potential investors once engaged.
The three prospective buyers are not operating at the same level within the luxury sector - LVMH is the world's largest luxury group by revenue, while L'Oréal and EssilorLuxottica are commercial partners with established ties to the Armani brand across beauty and eyewear respectively.
That distinction makes the structure less a competitive auction than a curated consortium entry, with each buyer bringing a different strategic rationale to the table.
L'Oréal chief executive Nicolas Hieronimus confirmed the group's interest as far back as October 2025, telling Le Figaro that its multi-billion-dollar acquisition of Kering's beauty division "changes nothing in terms of our intention to be part of Armani."
Forbes has previously valued the Armani group at US$5.6 billion, with annual revenues of approximately €2.35 billion (US$2.6 billion) spanning ready-to-wear, haute couture, hotels, cosmetics and accessories across multiple sub-labels including Giorgio Armani, Emporio Armani and A|X Armani Exchange.
An initial public offering was also flagged in the will as an alternative path, though the consortium structure now taking shape suggests the group is moving toward a private placement first.
LVMH shares nudged 0.4% higher on the initial disclosure of Armani's will in September 2025, though all three stocks were yet to trade following Sunday's report at time of publication.
