Business

Armani Could Split Its 15% Stake Among Several Investors

By Eva Morletto28 septembre 2026

One year after Giorgio Armani’s will was disclosed, providing for the sale of a 15% stake in the group within 12 to 18 months of his death, CEO Giuseppe Marsocci has confirmed that the stake could be divided among several investors. The option could reshape the ownership structure of the Italian fashion house.

The Armani Group could involve several investors in its capital (Shutterstock)

A new development is emerging regarding the ownership of Armani: one year after the disclosure of the designer’s will, which provided for the sale of a 15% stake in the group within 12 to 18 months of his death, CEO Giuseppe Marsocci has confirmed that the stake could be divided among several investors.

“It is not set in stone that it has to be a single investor,” the executive said on Sunday on the sidelines of Milan Fashion Week and the house’s show at Teatro Armani on Via Bergognone. Marsocci nevertheless stressed that no final decision had yet been made.

The statement does not call into question the succession timetable set out by Giorgio Armani, but it opens the door to a significantly different ownership structure. Rather than immediately choosing a future reference shareholder, the house could involve several strategic partners.

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An Option Already Raised in May

The possibility had already been circulating since May. Italian daily Repubblica had reported at the time that the 15% stake could be divided among the three groups explicitly named in the designer’s will: LVMH, L’Oréal and EssilorLuxottica. Giuseppe Marsocci’s statement therefore represents the first public confirmation that this option is now effectively on the table.

Such a split would appear relatively logical for Armani. L’Oréal has operated the house’s fragrances and cosmetics business for several decades, while EssilorLuxottica manages its eyewear business. These activities account for a significant part of the brand’s economic value. According to estimates cited by Reuters last year, Armani beauty products generate around €1.5 billion in annual sales at L’Oréal, while eyewear generates approximately €500 million at the Italian multinational.

A Financial Situation That Leaves Room to Maneuver

In a second phase, the Italian designer’s will provides for the sale of an additional 30% to 54.9% stake to the buyer that would have acquired the initial 15%, or, alternatively, a stock market listing.

The possibility of bringing several groups into the company through the initial 15% stake therefore raises a question: which shareholder would ultimately become the reference shareholder?

Key points:

- 15% of Armani’s capital could be divided among several investors, rather than being sold to a single group.

- LVMH, L’Oréal and EssilorLuxottica are the three groups explicitly named in Giorgio Armani’s will and could be involved in this first phase.

- Giorgio Armani's will ultimately provides for the sale of an additional 30% to 54.9% stake or a stock market listing.

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