Representatives of Armani started negotiations on the sale of a share of the fashion empire

Representatives of Armani have appealed to potential buyers to sell a minority stake, thus launching an actual auction for a share of one of the world's most famous fashion empires. This was reported by Reuters with reference to three sources.

L'Oreal is among those approached by representatives. According to media sources, private investment companies have not yet been invited as potential buyers.

Rothschild is expected to advise the company on the deal. The Group has a relationship with the advisory firm through Irving Bellotti, a Rothschild partner who sits on the board of directors of the Armani Foundation.

The talks are at an early stage, and any progress could take months, one of the people briefed by Reuters said.

In his will, Armani instructed the heirs of to first sell 15% of the fashion house within 18 months of his death, and later transfer an additional 30-55% of the shares to the same buyer or seek a stock market listing. Priority should be given to the luxury conglomerate LVMH, eyewear manufacturer EssilorLuxottica or L'Oréal, with which the fashion house has a commercial partnership.

All three of these companies have previously issued statements stating that they are open to the possibility of a deal.

Reuters noted that analysts estimate that the brand could be worth between 5 and 12 billion euros.

• Armani died on September 4 at the age of 91.
• The Giorgio Armani fashion house was founded by the designer in 1975 in Milan.