Giorgio Armani, for the first time ever, opens up to the possibility of selling. The future of the group that bears his name may not be independent, even though he had always claimed so. “At the moment I do not foresee an acquisition by a large luxury conglomerate. But I don’t want to exclude any possibility, because that would go against my entrepreneurial behavior,” said Armani to Bloomberg. At the same time, King Giorgio does not rule out a possible stock market listing either. Bloomberg estimates the value of his company to be between 8 and 10 billion euro.
Potential sale
After years of struggle to keep Giorgio Armani SpA’s independent from conglomerates, the entrepreneur and designer now claims he is not ruling out an alliance with a large group, or a stock market listing. “Independence from large groups could still be a driving value for Armani group in the future, but I do not feel like ruling anything out,” he said. “What has always characterized the success of my work is the ability to adapt to changing times.” Evidently, his thoughts about the future of the group has also changed. For the entrepreneur, it will be up to the heirs to consider the best option.
Maybe on the stock market
At the moment, Giorgio Armani is not ruling out an IPO. “An IPO is something we haven’t discussed yet, but it is an option that could be considered, hopefully in the distant future,” he told Bloomberg. Armani also goes on to discuss the merits and negative sides of acquisitions by luxury groups. On one hand, it could lead to economic and financial growth for the brand, but on the other, “it involves an inevitable shift in company values and a substantial upheaval, even in style.”
Succession
With regards to succession, Armani thinks that “the best solution would be to have a group of trusted people, close to me and chosen by me.” Referring to the leadership of his corporate foundation, specifically Leo Dell’Orco and grandchildren Silvana and Roberta Armani and Andrea Camerana. Stefania Saviolo, of Bocconi University (in Milan), believes a possible option could be for the founder’s family to remain at the helm of the company, with the support of licensing partners.
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