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 and two commercial partners--beauty products maker L'Oreal and EssilorLuxottica -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.
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