The 89-year-old Italian fashion master Giorgio Armani, who has always fiercely defended the independence of his luxury group, is no longer ruling out a sale or going public when he is no longer at the helm.
"Independence from the big groups could still be a driving value for the Armani group in the future, but I don't think I can rule anything out," Armani said in a written interview with Bloomberg published.
"At the moment I'm not considering a takeover by a large luxury conglomerate," but "I don't want to rule anything out a priori because that wouldn't be very entrepreneurial," he explained.
As for a stock market flotation, "we haven't discussed it yet" but "it's an option that could be considered, hopefully, in the distant future," Armani commented.
"The big groups have more and more historic brands in their sights," laments the Italian fashion veteran.
Although takeovers "can ensure growth on the one hand, on the other, it leads to an inevitable change of values and major upheavals, including in terms of style," he warns.
Over the past twenty years, several Italian groups have been bought out by French luxury giant LVMH, including Fendi, Bulgari and Loro Piana. Its rival Kering acquired Gucci and owns a 30% stake in Valentino, with an option to increase it to 100%.
Over the past twenty years, several Italian groups have been bought out by French luxury giant LVMH, including Fendi, Bulgari and Loro Piana. Its rival Kering acquired Gucci and owns a 30% stake in Valentino, with an option to increase it to 100%.
Asked about his legacy, Armani believes "the best solution would be a group of trusted people who are close to me and who I have chosen".
Giorgio Armani, who has no children of his own, mentions in this context the directors of his group's foundation, in particular Leo Del'Orco, who has helped him in the management of the company for many years, as well as his nieces Silvana and Roberta Armani and his nephew Andrea Camerana.
"The foundation will decide and manage the future of the Armani group because the people closest to me are at the helm," Mr. Armani said.
In 2022, the Armani group recorded sales of €2.35bn, up 16.5%, and saw its operating profit (Ebit) rise 30% to €202.5m. /BGNES