EssilorLuxottica would acquire the stake without having any active role in Armani or representation on its board, the newspaper said on Saturday.

Spokespeople for EssilorLuxottica and Armani declined to comment on the report when contacted by Bloomberg.

In his will, Giorgio Armani opened the door to a possible sale of the company he founded and nurtured for 50 years.

The Italian fashion mogul, who died in September at age 91, directed his heirs to sell an initial stake of 15 percent in Giorgio Armani to one of three preferred buyers — LVMH, EssilorLuxottica or L’Oréal — or a company of similar standing within 18 months.

Should his heirs agree, that buyer would then have the opportunity to raise its stake to a majority after three years, according to the will. As an alternative, Armani could be listed on a public stock market.

A spokesperson for EssilorLuxottica, the world’s largest eyewear group, said at the time that the company “will carefully evaluate” a potential purchase of a stake in Armani.

–With assistance from Flavia Rotondi.

This article was written by Daniele Lepido and Vernon Silver from Bloomberg and was legally licensed through the DiveMarketplace by Industry Dive. Please direct all licensing questions to legal@industrydive.com.

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