MILAN — Interest in the future of the Giorgio Armani Group has not waned, a year after the death of the designer, with rumors periodically surfacing about potential deals only to be dismissed or ignored by Armani’s heirs.

Surely it’s a family affair, despite the fact that the parties involved are major players in the industry, starting from the Armani business, whose branded products last year had a retail value of more than 6 billion euros, to luxury behemoths LVMH Moët Hennessy Louis Vuitton and licensees L’Oréal and EssilorLuxottica. The decisions will be made by Armani’s heirs behind closed doors, although Rothschild & Co. is said to be the adviser chosen by the group, given the longtime relationship between Irving Bellotti, partner of the banking group, and the late designer. Boston Consulting Group also will help evaluate the group’s enterprise value, especially in an uncertain market.

In the second half, speculation is likely to intensify since September is expected to see the group begin the sale process, in accordance with the designer’s will. Armani’s legendary hands-on approach and attention to detail were confirmed when his will was revealed, clearly indicating the guidelines to be followed after his death.

Armani gave instructions that after 12 months from the opening of the will and within 18 months at the most, an initial 15 percent of his namesake company could be sold to either LVMH, EssilorLuxottica or L’Oréal — the latter two the group’s eyewear and beauty licensees, respectively. The late designer did not rule out other companies besides those three, as long as they operate in the world of fashion and luxury and are of equal standing.

Armani also stated that, between the third and fifth years after the opening of the will, his namesake foundation and the heirs could choose to sell a stake of between 30 and 54.9 percent to the same buyer of the first group of shares, or in five years and within eight, to consider a public listing in Italy as a priority but also on other markets of equal standing.

Whatever the outcome, the Giorgio Armani Foundation would retain a 30.1 percent stake of the group to ensure its control and to guarantee the respect of the founding principles.

Armani’s main heirs include Leo Dell’Orco, his longtime partner who is in charge of the men’s division, named chairman of the group’s board with 40 percent of the voting shares; Armani’s niece Silvana, named women’s creative director, and his nephew Andrea Camerana, the son of Armani’s sister Rosanna, who also works in the company, and Roberta Armani, who is the daughter of the designer’s late brother, Sergio. The board also includes the group’s chief executive officer Giuseppe Marsocci; Marco Bizzarri; former Armani top executive John Hooks; Federico Marchetti, and Angelo Moratti.

As reported, a Milan-based industry source contended that the heirs may be mulling the idea of offering a 5 percent stake to each of the groups — LVMH, EssilorLuxottica and L’Oréal.

“There could be two reasons for this option. The first would be that each group would take a first step inside the Armani group and better evaluate its potential, leading to a congruous offer for the rest of the stake. The other reason would be that the management and the foundation would show that there is no bias or preference toward one buyer in particular, aiming for complete transparency,” the source said.

For sure, EssilorLuxottica and L’Oréal are interested parties in light of the lucrative and longtime licenses with the Armani Group. The Armani fragrance and beauty license, expected to run until 2050, has long been a jewel in the crown of L’Oréal’s Luxe division.

The partnership between the Armani group and the eyewear powerhouse dates back to 1988, when the designer teamed with the late Luxottica founder and visionary entrepreneur Leonardo Del Vecchio to develop branded glasses, marking the evolution of the item as a fashion accessory. The latest renewal dating Jan. 1, 2023, was inked for another 15 years. Armani also had a stake of almost 2 percent in EssilorLuxottica which went to Dell’Orco (40 percent) and to his family (60 percent). Incidentally, Delfin, the holding company that has a stake of around 32 percent in EssilorLuxottica, is entangled in ongoing tensions and governance disagreements among the eight co-heirs, following Del Vecchio’s death in 2022, which may have some impact on decision-making in the near future.

As for LVMH, it rarely buys minority stakes but it is no secret chairman and CEO Bernard Arnault courted Armani as far back as 1999, although the designer at the time opted to maintain the independence of his group.