Armani could split 15% stake among L'Oreal, LVMH, EssilorLuxottica, report says
MILAN, May 10 (Reuters) - Italian fashion house Giorgio Armani is considering selling a 15% stake in three equal parts following the designer's death, potentially bringing in three buyers he had selected as shareholders, a newspaper reported on Sunday.
Armani, who died at 91 last September, had named French luxury group LVMH (LVMH.PA), opens new tab and two commercial partners--beauty products maker L'Oreal (OREP.PA), opens new tab and EssilorLuxottica (ESLX.PA), opens new tab--as preferred buyers for the company.
Based on the founder's will, the sale of an initial 15% stake in the group must take place within 12-18 months of his death.
Italian daily la Repubblica reported, without citing sources, that Armani CEO Giuseppe Marsocci is preparing a business plan as he moves to appoint two advisers to oversee the sale.
The advisers would then share Marsocci's five-year business plan with potential investors.
Ahead of the formal launch of the process, the group was considering splitting the 15% stake in three parts, the paper said, adding this would help keep all three buyers engaged in the initial phase.
A representative for Armani said the group had no comment on the report.