Agnelli heir reportedly eyed Armani tie-up to build luxury empire
John Elkann, scion of Italy’s Agnelli family, has been exploring a possible tie up with fashion designer Giorgio Armani as part of a plan to build a luxury conglomerate potentially anchored around Ferrari, five sources familiar with the matter told Reuters.
Elkann, who chairs Franco-Italian car group Stellantis, offered to buy a minority stake in the Milanese fashion house led by 87-year old Giorgio Armani, but his latest proposal was rebuffed earlier this month, two of the sources said, speaking on condition of anonymity.
The deal would have established the Agnellis as major players in the fashion industry alongside the Arnaults and Pinaults in France.
Discussions with Armani – which is valued by analysts at about 6 billion euros ($7.09 billion) – did not progress due to the designer’s reluctance to sell, two of the sources said, adding talks were informal and no bank was involved.
A spokesperson for Elkann and the Agnelli family holding company Exor said: “Exor has made no approach and Exor has made no proposal (for Armani).”
Armani declined to comment.
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