Will EssilorLuxottica get inside the Armani group? The eyewear giant is reportedly ready to acquire a minority stake in Re Giorgio's business

It was Giorgio Armani himself who, in his will, included among his final wishes for his vast company the opening of its capital to external investors. Not just any investor: the great designer had already drawn up an unofficial shortlist of three potential institutional partners who were to enter the Group he founded to provide support for the future.

According to recent reports published by Il Sole 24 Ore, one of those investors has stepped forward: EssilorLuxottica. Sources cited by the newspaper say the Italian-French eyewear giant, led by Francesco Milleri, has informed the heirs that it is willing to take a minority stake in the company. But how exactly would it work?

What does EssilorLuxottica’s entry into Armani mean?

According to Il Sole 24 Ore, EssilorLuxottica’s (still only proposed) entry would be as a “corner investor” — a major player acquiring a minority stake of between 5% and 10% of Giorgio Armani S.p.A.’s capital. This stake would be too small to grant the company operational roles or board representation.

In short, it would bring fresh capital and strong strategic synergies without any risk of interference in management. The Group and the Giorgio Armani Foundation (which gathers the heirs) are still in talks. It is understood that these discussions are far from an aggressive M&A operation, also given the decades-long relationship between the two companies.

Giorgio Armani and Leonardo Del Vecchio (who passed away in 2022) have been collaborating since 1988 on Armani eyewear; Armani later took a 4% stake in Luxottica, reduced to 2.5% in the merged EssilorLuxottica group. The overall approach is fully consistent with Armani’s will to proceed gradually in order to safeguard the brand’s independence.

What happens next?

The will states that the Foundation must sell 15% of the capital within 18 months of the succession opening — i.e. by spring 2027 — giving priority to three potential buyers: LVMH, EssilorLuxottica or L’Oréal. This first tranche is intended to inject liquidity and stability without immediately altering governance balances.

Between the third and fifth year after succession, a second sale to the same counterparty is planned, bringing the total stake acquired to between 30% and 54.9%. Such a stake would clearly carry new weight in the company, although veto mechanisms exist for extraordinary transactions (mergers, capital increases) that will always require 75% shareholder approval.

If this does not happen, the group will go public, with the Foundation retaining at least 30% of the shares. In other words, “safety valves” have been built in to prevent hostile takeovers or surprise moves — which, in the world of large conglomerates, are never far away.

According to Il Sole 24 Ore, a further hybrid option is not ruled out — a consortium of Italian investors or a different capital split among the other candidates — although L’Oréal appears interested (as Estée Lauder was with Tom Ford fragrances) only in the beauty division, and LVMH has made no official comment. The new management will be overseen by the brand’s new CEO, Giuseppe Marsocci.

Who is Giorgio Armani’s new CEO?

Giuseppe Marsocci, born in Turin in 1963, brings more than 35 years of experience in fashion and luxury. His career began in sales, marketing and brand management at the GFT Group in Turin, working with licensees of brands such as Valentino, Dior, Ungaro, Stone Island and Armani itself. He then spent five years at Fila Sport as head of international development. He joined the Armani Group in 2003 and has since taken on roles of increasing responsibility.

Initially commercial director of Armani Collezioni, he later led the Swiss subsidiary (logistics and customer service hub for international markets) and then became global director of diffusion and wholesale lines. He worked in New York for over a decade: first as president of Trimil US (a Zegna-Armani joint venture) and from 2014 to 2019 as CEO for the Americas. Since 2019, Marsocci has served as both deputy general manager and global chief commercial officer.

His appointment was unanimously proposed by the Giorgio Armani Foundation and signals continuity. “His international expertise, deep knowledge of the industry and the company, combined with discretion, loyalty and team spirit — not to mention his closeness to Mr Armani in recent years — make him the ideal choice to continue the path laid out by the founder,” said Pantaleo Dell’Orco, the designer’s long-time partner and menswear director, who has taken the chairmanship of the board. Marsocci will report directly to the board chaired by Dell’Orco.

And the Armani succession?

The transition goes beyond Marsocci. Pantaleo “Leo” Dell’Orco will expand his role not only as group chairman but also as chairman of the Giorgio Armani Foundation, which holds 30% of voting rights in the company. Dell’Orco therefore personally controls 40% of the votes and has become the new central figure in the company. Silvana Armani, the founder’s niece and head of womenswear, has been appointed vice-chair.

The board of directors will take its final form in the coming weeks, once the procedures linked to the execution of the legendary designer’s will are completed. The company has nevertheless chosen to accelerate the CEO appointment to avoid any interruption in day-to-day management. The founding principles and continuity guidelines set by the founder will remain at the heart of future strategies.

As for the Giorgio Armani Foundation, its board includes Andrea Camerana, the designer’s nephew, who directly succeeds the founder, together with Pantaleo Dell’Orco and Irving Bellotti (partner at Rothschild & Co). Notary Elena Terrenghi, whose firm presided over the opening of the will, completes the board. The Supervisory Committee, tasked with ensuring compliance with Armani’s wishes, includes nieces Roberta and Silvana Armani.

Takeaways

- According to reports in Il Sole 24 Ore, EssilorLuxottica has reportedly put itself forward as a “corner investor” in Giorgio Armani, eyeing a 5-10% stake with no operational roles or board representation.

- The potential entry remains hypothetical and under discussion with the Giorgio Armani Foundation, yet it would align with the long-standing partnership that began in 1988 between Giorgio Armani and Leonardo Del Vecchio.

- The will mandates the sale of 15% of the capital by spring 2027 (with priority given to EssilorLuxottica, LVMH or L’Oréal) and, between the third and fifth year, a further tranche that could bring the same buyer up to 54.9% — or alternatively lead to a stock-market listing.

- Giuseppe Marsocci has been appointed the new CEO of the Armani Group, while Pantaleo Dell’Orco takes the chairmanship of both the board and the Foundation, effectively controlling 40% of voting rights.

- Governance has been strengthened with internal appointments (Silvana Armani as vice-chair) and 75% veto thresholds for extraordinary transactions, designed to preserve continuity and independence even after the possible arrival of new shareholders.