L’Oréal SA, named by Giorgio Armani as a potential investor in the late Italian fashion mogul’s eponymous business, would only be interested in its profitable beauty arm, according to a person familiar with the matter. He created a sprawling empire ranging from ready-to-wear, haute couture and interior decoration, as well as eyewear with EssilorLuxottica. Fragrance DealArmani’s beauty licence likely generated €1.5 billion ($1.8 billion) in revenue last year, HSBC analysts led by Jeremy Fialko said in a note. This year it bought a minority stake in Jacquemus, the label of Simon Porte Jacquemus, to develop the fashion brand’s beauty products. It also kept the Tom Ford eyewear licence with Marcolin SpA.