Armani plans to sell 15% stake to these 3 companies
What's the story
The Italian fashion house of legendary designer Giorgio Armani is reportedly planning to sell its 15% stake in three equal parts. The move comes after the death of the iconic designer at the age of 91 last September. According to La Repubblica, French luxury group LVMH, beauty products maker L'Oreal and EssilorLuxottica are among the preferred buyers for this stake.
Strategic planning
CEO working on business plan ahead of stake sale
Giuseppe Marsocci, the CEO of Armani, is said to be working on a business plan ahead of the stake sale. He is also in the process of appointing two advisers who will supervise this transaction. The advisers are expected to present Marsocci's five-year business plan to potential investors as part of their role in this strategic move.
Compliance
Sale to be done in 3 parts as per will
The sale of the 15% stake is likely to be done in three parts, as per Armani's will. The document had instructed that the sale should take place within 12-18 months after his death. This strategy is aimed at keeping all three potential buyers engaged during the initial phase of this process, La Repubblica reported.