LLVMH’s M&A activity, real and imagined, has been all over the news this week—via the revelation that the 80-brand conglomerate planned to offload its stake in Fenty Beauty, Rihanna’s groundbreaking makeup line, and reports in the French press about the Arnault family’s mixed feelings regarding potentially acquiring a stake in Armani. All of this makes sense, of course. As Rachel Strugatz noted yesterday, Fenty revenue has crested, and Kendo, LVMH’s beauty incubator, has all but been dismantled. Regarding Armani, I’m told that the reports of family infighting have been overblown: LVMH has a fiduciary responsibility to look into any potential acquisition, but the odds that the group will acquire the Armani stake are minimal.