Armani Group’s planned sale of an initial 15% stake could be delayed beyond March 2027 as weak luxury market conditions slow preparations for the ownership transition.
Company sources cited by Italian newspaper Corriere della Sera said negotiations could take time because of the difficult trading environment, according to a report by Reuters.
The March deadline comes from the will of Giorgio Armani, the Italian designer who died aged 91 in September 2025. The document requires his heirs to sell an initial 15% holding within 18 months of his death.
A delay would extend the first stage of the succession process at the privately held Italian fashion group, which Armani co-founded with Sergio Galeotti in 1975. Armani remained its major shareholder and retained creative and managerial control until his death.
Preferred buyers and ownership structure
The will gives priority to LVMH as a potential buyer, alongside L’Oréal and EssilorLuxottica, which already have commercial relationships with Armani.
The group has considered dividing the stake equally, which would give each company a 5% holding. Such a structure would keep all of the preferred parties involved during the initial phase.
Until 2050, L’Oréal holds the licence covering Armani fragrances, skincare and makeup, while EssilorLuxottica manages the fashion house’s eyewear business.
The minority stake process is separate from L’Oréal’s reported examination of a possible acquisition of the Armani Beauty business.
Under the wider succession plan, Armani’s heirs are instructed to sell a further 30% to 54.9% stake within three to five years, effectively transferring control of the company. An initial public offering is available as an alternative route for that later stage.
Luxury slowdown affects the timetable
The possible delay follows a year in which Armani’s 2025 annual sales declined by 2.8% to €2.192 billion, although consolidated EBITDA increased by 3.2% to €152.7 million.
The group attributes the results to the company’s focus on stability and managerial solidity during a year marked by both geopolitical turmoil and wider structural challenges across the sector.
In 2025, the group’s direct retail channels reported 2% growth at constant exchange rates, while indirect channels recorded a 7% decline, which the company attributed to a fall in wholesale orders and the “justifiable caution” of distribution partners given current market conditions.
The group highlighted that the decline in indirect sales further aligned with its strategy of “cautiously declining and consolidating its wholesale orders” to focus on selectivity and distribution quality.
Full-price and high-end channels performed more strongly, with double-digit growth at Giorgio Armani boutiques and the Armani Privé line.
Giuseppe Marsocci, CEO and Managing Director of Armani Group, said at the time of the result publication: “We are facing a possible structural change in the approach to luxury and fashion, by current and potential consumers, which must be taken into account.”
Marsocci has reportedly been preparing a five-year business plan before advisers are appointed to oversee the potential stake sale. The latest report suggests the timetable may depend on those preparations and a recovery in luxury dealmaking.
Armani’s legacy
Since Armani’s passing, the brand has embarked on a new chapter, marked by its spring/summer 2026 haute couture show in January, which focused on demonstrating continuity for the brand, honouring a legacy built on discipline, precision, and enduring style.
Last September, TheIndustry.fashion explored how the designer became a global icon, with a name recognised well beyond the industry itself.