Could Italy Finally Build Its Own LVMH?

The idea of an “Italian LVMH” has long been discussed but rarely taken seriously—until now. With the recent acquisition of Versace, the Prada Group is not only signaling a shift in ambition, but also sending a clear message: Italy may finally be ready to build a homegrown luxury conglomerate capable of standing toe-to-toe with its French counterparts.

Speaking to Reuters, Lorenzo Bertelli—Prada’s Head of Marketing and the heir apparent to the family-controlled group—hinted that more acquisitions could be on the horizon following the Versace deal. While he clarified that there are no current negotiations with Armani, he also didn’t rule it out, sparking speculation that Prada might one day pursue Italy’s most iconic fashion house.

The timing of this comment is no accident. With Giorgio Armani having passed away in September, the question of who will control the future of the Armani brand looms large. According to his will, the Giorgio Armani Foundation is expected to sell at least 15% of the business within 12 to 18 months after his death, with three preferred buyers named: LVMH, L’Oréal, and EssilorLuxottica. Should none of them acquire the stake, the foundation may take the brand public and divest as much as 54.9% of it within three to five years, while retaining 30.1% to preserve controlling interest.

In short: Armani’s days as a fully family-controlled company are numbered. And whether via IPO or acquisition, it will transition into the hands of more corporate, commercially driven stakeholders. For Prada, the prospect of acquiring Armani—however hypothetical—would be a seismic move, consolidating power in Italy’s notoriously fragmented luxury landscape.

Historically, Italy has struggled to build its own global-scale luxury conglomerate. The country’s top fashion brands—many of them family-run—have often prioritized independence over synergy, leaving them vulnerable to global consolidation. As a result, names like Versace and Valentino have found themselves acquired by international groups.<