LVMH Selected as Favored Partner in Giorgio Armani's Will
Luxury conglomerate LVMH has been recognized in designer Giorgio Armani's will as a potential partner. The will proposes a gradual sale of Armani's business to a larger entity, suggesting a 15% initial stake sale within 18 months and additional sales to follow, prioritizing companies like LVMH, L'Oreal, or EssilorLuxottica.
- Country:
- France
Luxury powerhouse LVMH has been identified as a preferred partner in Giorgio Armani's will, which was made public this Friday. Armani's documented instructions outline the piecemeal sale of his business to a larger company, with LVMH named as a key future collaborator.
The will specifies that Armani's heirs should sell a 15% stake in the storied Italian fashion house within 18 months. Furthermore, the document details plans for the sale of an additional 30% to 54.9% stake at a subsequent stage.
Preference should be given to LVMH, followed by beauty giant L'Oreal and eyewear leader EssilorLuxottica. LVMH Chairman and CEO Bernard Arnault expressed commitment to enhancing the Armani brand's global leadership should a partnership proceed.
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