The heir to the Agnelli industrial group, John Elkann, has studied the possibility of a merger with the Giorigio Armani brand. This association is part of a plan to create a luxury conglomerate around Ferrari.
John Elkann, chairman of the car manufacturer Stellantis and heir to the Agnelli industrial dynasty, is reportedly interested in a tie-up with fashion designer Giorgio Armani.
The businessman has proposed to acquire a minority stake in the Milanese fashion house. A proposal rejected earlier this month, according to two Reuters sources.
For now, Armani has refused to comment on this information. On Agnelli’s side, a spokesman for the Exor group, the holding company of the Elkann and Agnelli families, said that “Exor has not approached (Armani) and has not made any proposal.”
While discussions are over for now, the move reveals efforts by the founders of Fiat Chrysler, who own 53% of Exor, to increase their exposure to the luxury market.
As a reminder, last March, Exor took a 24% stake in Christian Louboutin. A deal that valued the luxury shoe brand at $2.25 billion. In 2020, the company became the number one shareholder of Shang Xia, a luxury brand co-founded by Hermès.
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