Armani could split 15pc stake among L'Oreal, LVMH, EssilorLuxottica, report says

Italian fashion house Giorgio Armani is considering selling its 15 percent stake in three equal parts following the designer’s death, potentially bringing in three buyers he had selected as shareholders, a newspaper reported on Sunday.

Armani, who died at 91 last September, had named French luxury group LVMH and two commercial partners–beauty products maker L’Oreal and EssilorLuxottica --as preferred buyers for the company.

Italian daily la Repubblica reported, without citing sources, that Armani CEO Giuseppe Marsocci is preparing a business plan as he moves to appoint two advisers to oversee the sale.

The advisers would then share Marsocci’s five-year business plan with potential investors.

Ahead of the formal launch of the process, the group was considering splitting the 15 percent stake in three parts, the paper said, adding this would help keep all three buyers engaged in the initial phase.

A representative for Armani said the group had no comment on the report.

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