After fighting for years to keep Giorgio Armani SpA independent amid the mergers and acquisitions that reshaped the luxury sector, the billionaire design virtuoso now says he won’t rule out his firm someday combining with a bigger rival or listing on an exchange.

“Independence from large groups could still be a driving value for the Armani Group in the future, but I don’t feel I can rule anything out,” Armani said in a written interview. “What has always characterized the success of my work is an ability to adapt to changing times.” 

It’s a striking shift in tone for Armani, who rose from Milan window dresser to creator of one of the world’s most prominent luxury houses, keeping tight control along the way and dropping few hints about what would happen once he exited the scene. 

The future plans of Armani, who rarely gives interviews and has to date been reticent about discussing succession, have long been a hot topic in the industry. Milan-based investment bankers have also fanned the flames, drawing up countless scenarios for the company over the years and pitching proposals that have never produced any deals. 

But the designer now appears more open to new ideas for the future, though it will be up to his heirs to evaluate them, he said.
“I don’t currently envisage a takeover by a large luxury conglomerate,” Armani wrote in a series of responses to questions from Bloomberg, a format he preferred to a direct interview. “But as I said, I don’t want to exclude anything a priori because that would be an ‘unentrepreneurial’ course of action.”

Armani, who controls virtually all of Giorgio Armani SpA and has a net worth of $6.6 billion according to the Bloomberg Billionaires Index, is also now leaving the door open to an eventual initial public offering. 
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“Listing is something we have not yet discussed, but it is an option that may be considered, hopefully in the distant future,” Armani said.

Uncertainty about the future is common in the Italian luxury industry, where many companies are still independent and family-controlled — including Salvatore Ferragamo SpA, Prada SpA, Moncler SpA and Ermenegildo Zegna NV — and all lack the scale of powerful, acquisitive French rivals LVMH Moet Hennessy Louis Vuitton SE and Kering SA.

Over the last 20 years a handful of Italian luxury firms have opted to sell to the French. Bernard Arnault, the LVMH controlling shareholder who built his massive fortune by amassing some 75 labels, has snapped up a number of Italian brands including Fendi, Loro Piana and jeweler Bulgari. Rival Kering owns Gucci and has a 30% stake in Maison Valentino with an option to buy the rest.

Bloomberg analysts suggest that a price of 8 to 10 billion euros for Giorgio Armani in the context of a takeover or demerger could be considered reasonable.