Bernard Arnault 'Honored' by Armani's consideration of LVMH
Paris - Bernard Arnault, chairman and chief executive officer of LVMH (LVMH), said on Friday he was "honoured" that his group had been named in Giorgio Armani's will as a potential partner for the Italian group.
Arnault told Agence France-Presse (AFP): "Giorgio Armani, whom I had the pleasure of knowing personally, was a true genius; the only great couturier, along with Christian Dior, who built and managed a global brand both in terms of style and industrial production." Arnault added: "If we were to work together in the future, LVMH would be committed to further strengthening its presence and leadership worldwide." He also stressed that "Giorgio Armani honours us by designating us as a potential partner with the exceptional company he built."
The legendary couturier, who died on September 4 at the age of 91, instructed the foundation inheriting his company "to sell a 15 percent stake" to a luxury giant such as LVMH, L'Oréal or EssilorLuxottica "between 12 and 18 months after the opening of the will" on Thursday. This is according to elements of the document published on Friday by the Italian press. The selected shareholder will then have the opportunity to take control of the group by acquiring between 30 percent and 54.9 percent of the remaining capital. The Armani group, whose activities range from haute couture to hotels, is worth several billion euros.
L'Oréal, which has held the Armani licence for perfumes and cosmetics since 1988, told AFP it was studying "with great consideration this prospect, which is part of our long shared history". EssilorLuxottica will also study it "carefully", a spokesperson for the company commented in the Italian press, "proud of the esteem" that the stylist showed for the group.
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