The Business of Fashion
Agenda-setting intelligence, analysis and advice for the global fashion community.
Agenda-setting intelligence, analysis and advice for the global fashion community.
Giorgio Armani may consider a joint venture with another Italian company, the founder of the Milanese fashion house told US magazine Vogue, opening the door for the first time to a potential business partner.
In an interview published on the vogue.com website, Armani, 86, said the Covid-19 emergency had “made us open our eyes a bit.”
Armani ruled out going the way of many other Italian luxury goods brands, including Gucci, Fendi and Bulgari, which have been bought by industry giants LVMH and Kering SA , saying a French buyer was not on the cards.
However, he said his long-held idea that the company should remain independent was no longer “so strictly necessary.”
“One could think of a liaison with an important Italian company,” he said without elaborating, except to add that it did not have to be a fashion company.
Vogue also quoted Armani’s niece Roberta Armani, who works at the family’s company, as saying “it could be great, finally, to have an important Made in Italy joint venture in the fashion industry” though she added she had no insight on her uncle’s plans.
By Valentina Za; editor: Jonathan Oatis
Imran Amed shares his observations from a trip to the wealthy desert metropolis, home to the most lucrative stores for many of the world’s top fashion brands.
Spurred by rapid growth in the pure luxury market, global brands operating in lower-priced segments like contemporary fashion are entering the country or accelerating expansion plans.
This week’s round-up of global markets fashion business news also features India’s textile industry, Chinese beauty major Yatsen and Ghana’s newest garment factory.
Luxury fashion retailers in the oil-rich African nation keep a low profile to provide a discreet shopping environment for consumers and avoid flaunting the elite nature of their own business.