Shares of EssilorLuxottica (EL.FR) and L'Oréal (OR.FR) were in the market spotlight today following reports by Il Sole 24 Ore that the Armani family is considering bringing in two or three strategic investors to acquire a 15% stake in Giorgio Armani SpA. The will of the group’s founder, who died in 2025 at the age of 91, names EssilorLuxottica, L’Oréal, and LVMH as preferred buyers, with the possibility of eventually increasing their stake to as much as 54.9%. Dividing the stake among several investors, rather than selling it to a single entity, would give the foundation more time to develop a broader ownership strategy, thereby reducing the negotiating pressure on individual bidders.
In the case of EssilorLuxottica, according to earlier reports, the company was prepared to acquire between 5% and 10% of Armani’s equity, without securing a seat on the supervisory board. This scenario is consistent with the group’s strategy to date. Armani is a key licensing partner in the eyewear segment, so the investment would be defensive and strategic in nature, securing the existing partnership. It is worth noting, however, that EssilorLuxottica’s market capitalization fell in 2026 to approximately €98.95 billion, representing a year-over-year decline of over 21%; the potential acquisition of Armani shares alone is therefore not a sufficient catalyst to reverse this trend. L'Oréal, on the other hand, has officially confirmed through its CFO, Christophe Babule, that it will “definitely” consider the possibility of acquiring a stake, making the company on Rue Royale one of the market’s favorites. For L'Oréal, acquiring even a minority stake in Armani would strengthen its position in the luxury perfumes and cosmetics segment, where the Armani Beauty brand generates significant revenue.
EssilorLuxottica (EL.FR) is down; L'Oréal (OR.FR) is up—why?
L'Oréal already holds a license to manufacture Armani Beauty perfumes and cosmetics, so this investment safeguards a billion-dollar revenue stream for the company. In a multi-investor scenario, L'Oréal could acquire a controlling stake and take the lead in shaping the partnership. EssilorLuxottica, on the other hand, has declared its willingness to acquire only 5–10% without a seat on the supervisory board, which implies a passive, minority position with no real influence on the brand’s strategy. In a multi-investor structure, EL’s stake would be even smaller, and tying up capital in a fashion company with no clear added value could be perceived by the market as a risky move, given the company’s higher debt level compared to L’Oréal’s.
Source: xStation
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