Armani Poised to Begin Formal Talks With LVMH and L'Oréal on Minority Stake Sale

Giorgio Armani publicly maintained that his eponymous Italian fashion house would remain fiercely independent, routinely dismissing acquisition overtures from luxury conglomerates. But the late designer's own final directives contradict that stance. Following his death at age 91 in September 2025, Armani's will explicitly instructed his heirs to sell an initial 15 percent stake in the privately held company within 18 months, naming three French-linked industry giants—LVMH, L'Oréal, and EssilorLuxottica—as the preferred buyers.[1][2][3]

Now, the Milan-based company is poised to execute that mandate. Formal negotiations, initially expected in June 2026, have been rescheduled for late September or early October as the group finalizes its post-founder strategy. The delay stems in part from internal reviews and early disagreements over valuation, as the fashion house navigates its first year without the founder who maintained tight control over both creative and commercial operations for half a century.[1][2]

One informal option currently under discussion would divide the 15 percent stake equally among the three preferred suitors, granting LVMH, L'Oréal, and EssilorLuxottica a 5 percent holding each. This arrangement would allow the three corporations to secure a position without committing to a massive immediate outlay, ensuring each gets a seat at the table while Armani's heirs retain overwhelming majority control.[1][2]

The specific selection of these three companies reflects Armani's pragmatic approach to his brand's future. Both L'Oréal and EssilorLuxottica already hold deep, lucrative ties to the Italian house. L'Oréal manages the highly profitable Armani beauty and fragrance business, while EssilorLuxottica manufactures and distributes Armani's eyewear collections. Converting these licensing partners into equity stakeholders cements those revenue streams.[2][3]

LVMH's inclusion in the will introduces a different dynamic. As the world's largest luxury conglomerate, LVMH possesses the capital to eventually acquire the house outright. However, absorbing Armani's sprawling operations—which span ready-to-wear fashion, haute couture, luxury hotels, restaurants, and home furnishings—requires careful integration, making a minority split a more palatable first step for the French giant.[1][2]

The transition marks a profound cultural shift for the Italian luxury sector, which has historically struggled with succession planning. By mandating a 15 percent divestment within an 18-month window, Armani engineered a forced modernization of his company's governance, ensuring his heirs could not simply freeze the business in its current state.[1]

Valuation remains the primary hurdle to a swift agreement. While the exact figures under negotiation remain private, the sheer scale of Armani's global retail footprint means even a 15 percent stake requires a multi-billion-euro commitment. None of the involved parties—Armani, LVMH, L'Oréal, or EssilorLuxottica—have provided on-the-record statements or direct quotations regarding the ongoing negotiations.[2]

Should Armani fail to secure a deal with LVMH, L'Oréal, or EssilorLuxottica, an initial public offering remains the primary fallback option. A public listing would fulfill the founder's succession mandate to dilute the family's absolute ownership, providing the necessary capital and transparency to compete in a rapidly consolidating luxury market.[1][2]