L'Oreal is among those that have been approached, two of the people said. Private equity bidders so far have not been solicited as potential buyers, one of those sources and a fourth person said.
The talks are at an early stage, however, one of the people said, adding that any progress could take months.
Reuters could not determine who had done the outreach on behalf of the sellers of the company. The four sources spoke on condition of anonymity because the matter is private.
In his will, late Italian designer Giorgio Armani instructed heirs to sell an initial 15% stake in the fashion house within 18 months of his death, and later to transfer an additional 30% to 55% stake to the same buyer or seek a market listing.
It may also be given to another group of “equal standing” identified by a foundation the designer set up to preserve his legacy with the agreement of Armani’s business and life partner Pantaleo Dell’Orco.
The charitable foundation and Dell'Orco hold 30% and 40% of the company voting rights respectively, meaning they would together control the fashion group with 70%. The foundation will retain a 30.1% stake in a listing and in a sale, the will says.
Brand could be worth up to 12 billion Euros
The potential sale process is being closely watched, as the brand remains one of the most iconic in the fashion industry and could be worth between 5 billion euros and 12 billion euros ($14 billion), according to analyst estimates.
The provisions in the will are essentially binding and could be challenged in court if not fulfilled, according to the Italian notary association - REUTERS
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