Armani eyes 15% stake sale to LVMH, L'Oréal, EssilorLuxottica

Armani’s next chapter was starting to look less like a simple ownership change and more like a handoff of style power. Giorgio Armani Group was considering selling its 15% stake in three equal parts, with LVMH, L’Oréal and EssilorLuxottica named as preferred buyers, a move that could decide who shapes the house’s image after Giorgio Armani’s death at 91 on 4 September 2025.

The appeal of each buyer is different, and that is what makes the story bigger than boardroom arithmetic. LVMH would bring the gravitational pull of Paris luxury, the kind that can sharpen a brand’s silhouette without softening its authority. Bernard Arnault said, “Giorgio Armani honored LVMH by naming us as a potential partner for the exceptional fashion house he built.” For Armani, that kind of alliance could mean a tighter grip on global prestige, from tailoring to accessories, with the house’s spare, polished language kept firmly in frame.

L’Oréal would point Armani toward the face first. Beauty has long been one of the most visible ways luxury reaches daily life, through fragrance counters, lip color and skincare rather than runway moments alone. If L’Oréal gained influence, Armani’s future could feel even more intimate and more omnipresent, with the brand’s cool minimalism translated into products people wear every morning, not just at black-tie events. That is a different kind of power map, one measured in vanities and bathroom shelves as much as in boutiques.

EssilorLuxottica would tilt the house toward the accessory that never leaves the face: glasses and sunglasses. The company, which already had commercial ties to Armani, said it would consider a possible deal. In style terms, that makes sense. Frames are one of the fastest ways a luxury house can become part of everyday identity, and Armani’s clean, disciplined aesthetic has always sat comfortably on the bridge of a pair of glasses.

The succession plan made the stakes even clearer. Armani’s will called for heirs to sell an initial 15% stake within 12 to 18 months of his death, then transfer another 30% to 54.9% to the same buyer three to five years later, or pursue an IPO instead. The Giorgio Armani Foundation, set up in 2016, was central to that structure and was expected to retain no less than 30% of the company’s capital while proposing the next chief executive.

That control matters because the business is still enormous, even after a softer year. Giorgio Armani Group reported 2024 net revenues of about €2.3 billion, down 5% at constant exchange rates, with EBITDA down 24% to €398 million and pre-tax net profit down to €74.5 million. Investments reached a record €332 million, including store renovations and bringing e-commerce management in-house. For a house built on precision, even a minority stake was enough to influence the look of classic luxury’s next era.