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Armani Group has begun exploring the sale of a minority stake, with informal approaches made to potential buyers, sources told Reuters. Among those approached is French cosmetics giant L'Oreal, which already has a licensing deal with Armani running until 2050. Talks are still at an early stage and could take months to progress, while private equity bidders have not yet been contacted. Rothschild is expected to advise on the transaction, with partner Irving Bellotti also serving on the Armani Foundation board. The move comes just weeks after Giorgio Armani's death, sparking interest in the future direction of one of fashion's most iconic brands.
Armani representatives have made informal approaches to some potential buyers for a minority stake in the renowned Italian fashion group, three sources with knowledge of the situation told Reuters, effectively starting a de-facto auction for a slice of one of the world's best-known fashion empires weeks after the designer's death. Advertisement
L'Oreal OREP.PA, is among those that have been approached, two of the people said. The talks are early stage, however, one of the people said, adding that any progress could take months. Private equity bidders so far have not been solicited as potential buyers, one of the sources and a fourth one said.
Rothschild is expected to advise the company on a transaction, those two people said.
The group has a link to the advisory firm through Irving Bellotti, a Rothschild partner who sits on the board of the Armani foundation, according to the bank's website. Reuters could not determine who had done the outreach on behalf of the sellers of the company. The four sources spoke on condition of anonymity because the matter is private.
Armani Group and Rothschild declined to comment. L'Oreal, which holds a licensing agreement with the Armani group until 2050, did not respond to requests for comment.
Source: Reuters
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