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Report: Giorgio Armani Says Company’s Independence Is Essential

Giorgio Armani Store. Shutterstock.
The independence of the Armani fashion house is “an essential value,” designer Giorgio Armani told the magazine MFF. Shutterstock.

The independence of the Armani fashion house is “an essential value,” designer Giorgio Armani, founder and sole shareholder of the company that bears his name, told the magazine MFF.

Asked about possible interest in becoming part of an Italian luxury-goods conglomerate, Armani, 87, said he wouldn’t comment on rumours.

“I have been working hard for the future of my company for a long time,” he told fashion publication. “I hope the future will be solid, I am committed to build it.”

Agnelli heir John Elkann has explored a possible tie-up with Giorgio Armani SpA as part of a plan to build a luxury conglomerate anchored around Ferrari NV, of which he’s chairman, Reuters reported in July, citing people it didn’t identify.

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Elkann had offered to buy a minority stake in the fashion house, but his proposal was rebuffed, according to Reuters. The Agnelli family holding company Exor denied making an approach.

Two months ago Armani said it was hoping to see a return to pre-pandemic level sales in 2022 after the Italian fashion group lost about a fifth of its net revenue in 2020.

The Milan-based company reported total revenues last year from Armani-branded products worldwide, including licensing revenues, of €3.3 billion ($3.9 billion), down 21 percent from 2019, it said in a statement.

By Flavia Rotondi

Learn more:

Armani’s Future in Focus

The Italian fashion group has denied any interest in a Ferrari tie-up reportedly pitched by investment banks, but analysts do not rule out a deal with Ferrari owner Exor.

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