The Italian fashion house has hired the consulting giant to explore expansion into handbags and hospitality, as heirs prepare the business for a stake sale process expected to launch in September.

Giorgio Armani SpA has hired Boston Consulting Group (BCG) to help chart a growth plan focused on hospitality and handbags, as reported by Bloomberg, as the Italian fashion house works out how to expand ahead of a planned sale of a minority stake later this year.

The consultancy is examining ways for Armani to grow in a handful of luxury segments, including handbags, a category that carries high margins across the industry but has never been a major revenue driver for Armani, and hospitality, where the group already operates hotels in Milan and Dubai through a joint venture with Mohamed Alabbar’s Symphony Global, formed in January. The work also includes a review of Armani’s pricing and distribution model, according to people familiar with the matter who asked not to be named because the plan is confidential.

A representative for Armani confirmed the company is working on a business plan but declined to comment on BCG’s role; Boston Consulting also declined to comment. One market source has since downplayed the extent of BCG’s involvement.

The consulting work is part of a broader planning process Armani has run with several advisers since founder Giorgio Armani died in September 2025 at age 91. His will directs the company to bring in a strategic partner within 12 to 18 months of his death, naming EssilorLuxottica, L’Oréal and LVMH, or firms of similar standing, as preferred bidders for an initial 15% stake, which could eventually rise to nearly 70% over five years. That process is expected to begin in September. The company has also floated a public listing as an alternative.

Since Armani’s death, the group has added industry figures including former Gucci chief executive Marco Bizzarri to a reconstituted board and named Giuseppe Marsocci as Chief Executive, while otherwise avoiding sweeping changes to the business. Armani posted an organic sales decline of 2.8% last year at constant exchange rates, amid a broader downturn in personal luxury goods. The company is now said to be weighing a senior creative appointment at Emporio Armani, its more accessible diffusion line.

“We cannot fail to recognise the need to adapt to a changing context,” Marsocci said in April.