Armani open to more than one investor for sale of 15% stake, CEO says

By Reuters News

By Elisa Anzolin

MILAN, Sept 27 (Reuters) - Italian luxury group Armani is open to involving multiple investors in the sale of a 15% stake earmarked in founder Giorgio Armani's will, CEO Giuseppe Marsocci said on Sunday.

"It is not written in stone that it has to be one investor," Marsocci told reporters on the sidelines of a Giorgio Armani fashion show when asked whether the stake could be split among three investors. He added that no decision had been made.

Armani, who died at 91 last September, stipulated in his will that an initial sale of 15% of the company should take place between 12 and 18 months after his death, followed by the disposal of a larger stake or a market listing.

He named French luxury group LVMH LVMH.PA, beauty products maker L'Oreal OREP.PA and eyewear group EssilorLuxottica ESLX.PA as preferred buyers, while also leaving the door open to other investors of "equal standing".

Marsocci, who took over as CEO last October, declined to comment on whether the group had been approached by investors other than those named in the will.

He said the fashion house intended to respect the timetable set out by its founder, although any transaction would depend on reaching agreement on "price and details".

The Financial Times reported on Sunday that Armani was preparing to hold meetings in the coming weeks with LVMH, L'Oreal and EssilorLuxottica to discuss a possible minority stake sale, with one option discussed informally involving the three groups sharing a 15% holding.

Earlier this month Reuters reported that EssilorLuxottica could consider partnering with other bidders.

Armani also this month named former Versace designer Dario Vitale as creative director of Emporio Armani and Giorgio Armani accessories.

Marsocci said the move reflected the company's efforts to balance continuity with Giorgio Armani's vision and the need to keep moving forward, adding that accessories would represent one of the group's "growth opportunities".

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