Report: Giorgio Armani Says Company’s Independence Is Essential

The independence of the Armani vogue home is “a necessary worth,” designer Giorgio Armani informed the journal MFF. Shutterstock.

The independence of the Armani vogue home is “a necessary worth,” designer Giorgio Armani, founder and sole shareholder of the corporate that bears his title, informed the journal MFF.

Requested about doable curiosity in turning into a part of an Italian luxury-goods conglomerate, Armani, 87, mentioned he wouldn’t touch upon rumours.

“I’ve been working arduous for the way forward for my firm for a very long time,” he informed vogue publication. “I hope the long run will probably be stable, I’m dedicated to construct it.”

Agnelli inheritor John Elkann has explored a doable tie-up with Giorgio Armani SpA as a part of a plan to construct a luxurious conglomerate anchored round Ferrari NV, of which he’s chairman, Reuters reported in July, citing individuals it didn’t establish.

Elkann had provided to purchase a minority stake within the vogue home, however his proposal was rebuffed, in response to Reuters. The Agnelli household holding firm Exor denied making an method.

Two months in the past Armani mentioned it hoped to see a return to pre-pandemic stage gross sales in 2022 after the Italian vogue group misplaced a few fifth of its internet income in 2020.

The Milan-based firm reported whole revenues final yr from Armani-branded merchandise worldwide, together with licensing revenues, of €3.3 billion ($3.9 billion), down 21 p.c from 2019, it mentioned in an announcement.

By Flavia Rotondi

Be taught extra:

Armani’s Future in Focus

The Italian vogue group has denied any curiosity in a Ferrari tie-up reportedly pitched by funding banks, however analysts don’t rule out a take care of Ferrari proprietor Exor.

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