EssilorLuxottica proposes taking stake of 5-10% in Armani, report says
EssilorLuxottica is interested in acquiring a 5-10% stake in Armani, following the death of founder Giorgio Armani. The company does not seek an active management role. EssilorLuxottica, along with LVMH and L'Oreal, is named as a priority buyer for up to 15% of Armani. No comments from Armani or EssilorLuxottica yet.
MILAN, Nov 22 (Reuters) - Eyewear company EssilorLuxottica (ESLX.PA) would be interested in taking a stake of between 5% and 10% in Armani but would not seek an active role in the management of the luxury fashion group, Italian business daily Il Sole 24 Ore reported on Saturday. A restructure of the famed fashion house is expected following the death of founder and owner Giorgio Armani in September. EssilorLuxottica was named in Armani’s will alongside luxury conglomerate LVMH (LVMH.PA) and L’Oreal (OREP.PA) as priority potential buyers of an initial stake of up to 15% in the company.
Citing unnamed sources, Il Sole said Franco-Italian company EssilorLuxottica had informed the Armani Foundation that it would be interested in becoming an investor but would seek a smaller stake and not ask for a seat on the board of Armani.
There was no immediate comment from Armani or EssilorLuxottica, whose brands include Ray-Ban.
