Formal discussions are expected in the coming weeks, possibly in late September or early October, the Financial Times reported, citing people familiar with the matter. Talks had initially been expected in June but were delayed while the company reshaped management and developed a strategy after its founder’s death.
The will calls for the heirs to sell an initial 15% stake within 18 months, giving priority to LVMH, L’Oréal, EssilorLuxottica or a buyer of comparable standing. One option under discussion is to divide the stake among all three groups, although sources told the FT that large near-term investments appear unlikely.
LVMH has expressed interest, but people close to the group question whether Armani fits its portfolio: much of Armani’s revenue comes from lower-priced goods and clothing rather than higher-margin accessories. EssilorLuxottica is focused on medical technology and expansion in the United States; it makes Armani eyewear under a licence running to 2038. L’Oréal’s priority is reportedly to preserve its cosmetics and fragrance agreement, which runs to 2050.
Valuation is another obstacle. People close to Armani have cited about €10 billion, while potential investors reportedly put the fashion house at €3–7 billion. The will envisages a further purchase of 30–54.9% by the same buyer in three to five years, or a stock-market listing. The Giorgio Armani Foundation must retain at least 30.1%.
Armani died on 4 September 2025, aged 91. The group reported 2025 revenue of €2.19 billion, down 2.8% excluding currency effects, while EBITDA rose 3.2% to €152.7 million.