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Armani's will reportedly instructs his heirs to offload a 15 per cent stake in the business within 18 months of his passing, with a much larger tranche — between 30 per cent and 54.9 per cent — to be sold to the same buyer three to five years later, according to Reuters and Bloomberg , which have both seen a copy of the will. Otherwise, an IPO will be pursued. According to the news agencies, the will states that priority should be given to French luxury conglomerate LVMH, French beauty giant L'Oréal Group, eyewear industry leader EssilorLuxottica, or other groups already linked to Armani through existing business partnerships.
LVMH chairman and CEO Bernard Arnault said in a statement on Friday afternoon: "Giorgio Armani honoured LVMH by naming us as a potential partner for the exceptional fashion house he built. I am a great admirer of his talent. Giorgio Armani, whom I had the pleasure of knowing personally, was a true genius; the only great couturier, along with Christian Dior, who built and led a global brand in terms of both style and industry. If we were to work together in the future, LVMH would be committed to further strengthening its presence and leadership around the world."
In a statement shared with Reuters and AFP , L'Oréal Group, which has been running the Armani beauty licence since 1988, said it was "touched and honoured" that Armani had considered the group a potential stakeholder and would give the idea careful thought.
The statement continues: "In this light, the will makes reference to a stock market listing as well as the opening to a minority partner of recognised standing and genuine interest in the brand. The responsibility for decisions and management of this process will remain with Mr Dell'Orco and the family, under the guidance of the foundation, but always within the principles and rules defined by Mr Armani."
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