Not even a week after the presentation of the last collection in Milan designed by Giorgio Armani, the management apparently contacted potential investor: inside.
Representatives: Inside Armani, interested parties should have contacted the inside of the Italian fashion group for the sale of a minority stake, the Reuters news agency reports, citing three sources familiar with the situation. This begins a de facto auction for participation in the Italian fashion parial. The French cosmetics group L’Oréal, two of the sources, also includes contacted companies. One of them emphasized that the talks are still at an early stage. Any progress could take months. According to one of the sources and a fourth source, no private equity funds have so far been contacted as potential buyers: inside.
Rothschild should advise the company on the transaction, according to the two sources. The group is connected to the consulting company via Irving Bellotti. Bellotti is a partner at Rothschild and, according to the website of the investment bank, sits on the board of the Armani Foundation.
The four sources were based on the condition of anonymity, since it is a private matter, Reuters continues. The Armani Group and Rothschild made no comment. L’Oréal, which has a license agreement with the Armani Group by 2050, did not answer Reuters’ inquiries.
The successor of Armani has paved the way for a sale to the French luxury group LVMH, the French-Italian company Essilorluxottica and L’Oréal. The will of the designer from Piacenza provides for both the continuity of the management by the managers: inside and the family, as well as the sale of 15 percent to a luxury group within 18 months. After that, a possible complete sale is conceivable.
Giorgio Armani died in Milan on September 4th. With his death, a chapter of Italian fashion came to an end. The designer reminded everyone that you can be famous, rich and extremely successful, while at the same time reserved, never over the top and remain friendly to everyone. For Italy he was not just a designer who made the ready-to-wear fashion that made ‘Made in Italy’ and the sport. Armani has also been patronizing the Olimpia basketball team since 2008. He was also a benefactor who made significant donations during the dark months of covid pandemic. He has shown how important commitment, dedication and even meticulousness are to achieve extraordinary results. It is easy to remember how he went through his shops or restaurants to check lighting, shop windows and details. However, what made him popular everywhere was his kind.
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