Armani Prepares Stake Sale Talks With LVMH, L'Oreal and EssilorLuxottica as Valuation Gap Persists

Armani is preparing to open talks with LVMH, L'Oreal and EssilorLuxottica about selling a minority stake, with meetings expected in the coming weeks, according to a Financial Times report carried by Reuters. Nothing has been signed and no decision has been made.

The sale follows the terms of Giorgio Armani's will. The founder died at 91 in September 2025, and the will requires an initial 15% stake to be sold within 12 to 18 months of his death, so that window is now running. It names LVMH, EssilorLuxottica and L'Oreal as preferred buyers while leaving room for another fashion or luxury group of similar standing, and it contemplates a second phase in 2028-2030: a further 30% to 54.9% stake sale to the same buyer, or an IPO. EssilorLuxottica and L'Oreal already hold long-running Armani licenses, for eyewear to 2037 and beauty and fragrance to 2050.

CEO Giuseppe Marsocci kept his options open. "It is not written in stone that it has to be one investor," he said, adding that any decision would depend on reaching agreement on price and details. One option discussed informally would have the three groups share the 15% in three 5% tranches.

Price is the sticking point. A deal could value Armani at about EUR 10 billion, while prospective investors' estimates are reported at EUR 3 billion to EUR 7 billion, and talks originally expected in June were pushed to late September or early October reportedly over that gap. What to watch: whether the meetings produce agreed terms before the will's deadline, and whether the stake is split or goes to one buyer.