Armani prepares stake-sale talks with L’Oréal, LVMH and EssilorLuxottica

Armani CEO Giuseppe Marsocci ‌has stated that the Italian luxury group is open to involving multiple investors in the sale of the 15% stake highlighted in founder Giorgio Armani’s will. The company is now reportedly preparing to begin formal discussions with beauty giants LVMH, L’Oréal, and EssilorLuxottica over the sale of the minority stake.

In his will, Giorgio Armani identified the three companies as preferred shareholders following his death in September 2025, while remaining open to the possibility for other investors of comparable industry positioning to make offers.

The will instructed his heirs to sell an initial 15% stake of the business within 18 months of his death. The instructions include the possibility of a further 30%–54.9% stake to be sold to the same buyer between three and five years after Armani’s death, with an IPO as an alternative, according to Reuters.

As the most recent update on the deal, The Financial Times reported on Sunday (September 27) that, within the coming weeks, Armani is preparing to hold meetings with the three companies to discuss the anticipated stake sale. Personal Care Insights previously reported on the alleged potential of an equal division of the 15% stake.

“It is not written in stone that it has to be one investor,” Marsocci said to reporters regarding the potential split of the stake at a Giorgio Armani fashion show on Sunday. He stated that no decision had been made but that the company aims to respect the timeline set out by the founder.

Armani’s 15% stake sale could involve more than one investor.

Buying luxury beauty

L’Oréal holds Armani’s beauty licensing to create, develop, and distribute Giorgio Armani’s prestige fragrances, skin care, and makeup until the year 2050. Following the founder’s death, L’Oréal stated it would “uphold [Armani’s] legacy.”

According to analysts, Armani Beauty generated approximately €1.5 billion (US$1.76 billion) annually in 2024, representing roughly 10% of L’Oréal’s luxury division sales, highlighting the commercial significance of the Armani Beauty relationship for L’Oréal.

For the international beauty conglomerate, preserving its long-term fragrance and cosmetics partnership with Armani is reportedly a priority.

Meanwhile, for LVMH, which comprises 75 maisons, absorbing heritage luxury houses is not unfamiliar territory. Financially, LVMH is the world’s largest luxury goods group by revenue. In 2025, the company reported revenues of approximately €80.8 billion (US$94.92 billion).